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Eyeing A Short Covering Rally
Short covering rallies appear when the put/call is high, as it is right now. The put/call ratio is hovering right around 1.0, and today, we saw the market trading higher at the end of the day. We also had signs of incoming volume and a decent, short-term uptrend. This is what to watch for in the case we get a gap up, and short-covering rally.
Slow Start
Off to a slow start for the week in today’s session. There is a fair amount of information immediately ahead so I’ll share my plan with you for that.
Talking Tech
What’s In The Box?
$SPX and markets remain in a wide and volatile trading range. Let’s review the key levels and the adjustments necessary to trade the box.
Daytrading Post-Powell
The path forward is going to continue to be choppy in these murky macroeconomics times, but it’s not a panic-filled sell-off that ended the week!
S&P 500 Moving From Voodoo Line To Voodoo Line
Give The Market Time To Digest
The market pulled back for a solid three weeks, then bounced this week. Today’s sharp drop should not be too surprising since the market needs to hammer a low out if it is to find its footing. It could go lower, but right now it’s in chop.
NVDA Slips
After being $30 higher NVDA slipped to close at scratch. This did no favors for the equity complex. In fact, pretty much everything was for sale from the opening bell. Let’s look through this and talk about what may be next.
Markets Can’t Be Saved By NVDA
Even with NVDA’s blowout earnings, markets had a huge reversal right where they should, at the 50 SMA.
So Far, So Good
In this video, we review today’s market action and talk about the current levels in the indices. We are once again at a point where we could fail from, or we could keep bouncing from. We are waiting on NVDA earnings as well as the upcoming speech from Powell on Friday. The next major news will be in SEP with CPI, PPI and the next FED meeting.
