Will SPX Bottom Hold?
S&P 500 took another dive after the opening bell, fast and driven by underwhelming CB consumer confidence adding to stagflationary whiff of Friday‘s data fears – duly so ahead of GDP and unemployment claims tomorrow. NVDA earnings are the key today – all laid out in Sunday‘s extensive article – and the bullish and bearish camps are quite evenly split.
Intraday opportunities were served on both short and long side yesterday in our channel – great day for intraday momentum followers. And this is all happening while the yen carry trade covered extensively in Saturday‘s video, isn‘t still biting at 149 USDJPY…
Growth worries are one thing, but the intraday turn in S&P 500 breadth is what matters – I laid out ideal open trade management, NVDA earnings expectations and Bitcoin woes in today‘s punchy video. If in doubt, look at the SMCI relief rally (short covering) to understand just how much S&P 500 and Nasdaq had been beaten down already. Crypto bottom isn‘t though in.
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