SPY Correction Risk Flashing
S&P 500 rallied on ASML earnings expectations and the actual figures made it over my 4,920 target but ran out of steam thanks to a weak 5y Treasury auction. In my view, that‘s a bearish daily victory in stocks that also forced a sizable retreat from daily highs in the most resilient index of them all, Nasdaq.
But clients have cashed in +25 ES pts whether swing trading, or made an absolute killing if they combined it with fine intraday calls in NDX and ES…
Thank you for all the recognition – great to see it‘s working out great for you… Here is what I expect from the coming set of data – GDP and then unemployment claims.
Let‘s move right into the charts (all courtesy of www.stockcharts.com).
S&P 500 and Nasdaq Outlook
Falling through 4,920 wasn‘t a fine sight given how much Nasdaq was struck simultaneously. That‘s the result of risk-off emerging fast following a weak auction, and the daily rise in volume is sealing off the odds for the coming days, just waiting for a catalyst – but yes, today buy the dippers are back.
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