Retest of $SPY $480 seems inevitable. Above $506 area is choppy. Looking for a reversal somewhere between $506-$509 to lead us lower.
Too much uncertainty around right now for the pull back to be over.
Will be interesting to see what happens with $TSLA today.
Just an if...but if this correction played out similar to July-November....wouldn't shock me if we got a relief bounce but mindset is chop tape for 4-6 weeks. I'm being patient. If had a strong start to the year this type of market is what we need to set the stage again.
Looking Ahead:
- Next Fed Meeting: September 19
to 20. Market is currently pricing in about 80% chance of a pause in rate hikes.
- Federal Student Loan Forbearance ending. Interest is expected to begin accruing as of September 1.
Sectors Relative Performance:
- All sectors down over the week and most down for the month, except energy.
- Not much relative strength here on the monthly.
- Tech outperformed all others on the weekly, will Tech continue to lead us higher if we bounce?
Chopped around again all yesterday. Close was not strong. I still think we test the range between 440-444 on $SPY before another leg up.
Still proceeding with caution.
Quick pre-market outlook:
Futures slightly green after being slightly red last night.
$TSLA down over 2%
$NVDA $AAPL $MSFT $AMD $META
All slightly green
$AMC down over 30%
Quick pre-market outlook:
Futures slightly green after being slightly red last night.
$TSLA down over 2%
$NVDA $AAPL $MSFT $AMD $META
All slightly green
$AMC down over 30%