Bulls had it and got trapped at the highs. The dynamic is very similar to the Leopold Low; however, this time the places to hide are very limited. Bulls will likely need a surprise catalyst or simply a quick drop to lower support levels in order for a turn to develop. I am seeing energy in energy and will be looking to play USO long.
The S&P 500 bounced Thursday, but I’m still cautious below the Volatility Trigger at $7760. With OPEX on Friday and tech earnings next week, I think the market’s personality is about to change. I walk through what I’m watching in Apple, Tesla, Lilly, Costco and Coke.
The S&Ps fell about 86 points today, and Apple still closed green. Tonight I walk through Apple, Wayfair, Google, XLV and USO, five charts that are still holding up, and how I’d approach the squeeze heading into earnings.
The market went nowhere ahead of CPI, but under the surface Meta set up a squeeze in its ideal formation, and the last one doubled the stock. I also cover Apple, our Dell fill, and why the dollar is the biggest thing standing between this market and higher prices.
Memory and semiconductor stocks led the pullback today, and I see that pullback as a buying opportunity ahead of earnings. I’m mapping the levels on MU, NVDA, TSM, and ASML, plus the cybersecurity names I want for a run at new highs.
