We’ve seen money rotate out of tech and into blue-chip stocks the past few sessions, and we’re seeing a complete reversal of that this morning with tech up big and the Dow flat.
I was curious how long the rotation into blue chips would last, so this is something to watch. I wouldn’t be surprised if the Dow has a hard time bouncing today.
I don’t like the fact that we’re making lower highs. The levels to watch in the S&P 500 (SPY) today are $548.19, $543.82 and $539.54.
For the Nasdaq 100 (QQQ), the levels to watch are $584, $580, $475, $472.80 and $469.
We also have Fed speaker Michelle Bowman speaking early this morning, Lisa Cook this afternoon, and the Consumer Confidence report at 10 a.m., and the Fed Manufacturing Index at the same time.
Volatility is mixed, and the key level to watch there is between 15 and 16. If it goes above 16, danger!
Meanwhile, the gold market is doing nothing…
I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
Follow along and join the conversation for real-time analysis, trade ideas, market insights and more!
- Telegram: https://t.me/+_vmfwkeP8fA5YWQ5
- YouTube: https://www.youtube.com/@Roger-Scott/videos
- Instagram: https://www.instagram.com/thetradingpub/
- Facebook: https://www.facebook.com/TheTradingPubOfficial
- Twitter: https://twitter.com/Rogerscott1970
P.S. There’s a BIG Announcement at 1 p.m. ET TODAY
Set a reminder…
Because at 1 p.m. Eastern today, you have a rare chance to absorb a combined 70-plus years of trading experience, all in one hour!
My good friend T-Buz and I don’t get to team up all that often. But when we do, it’s because there’s something really BIG on the horizon…
This time, it involves a totally overlooked opportunity you simply don’t want to miss…
We’ve found that certain days with big announcements can make the market move a lot more than usual.
So, we put together a new strategy to take advantage of these high-impact announcements.
And boy oh boy, we were just in time…
A series of announcements are set to hit over the next six days that could send some stocks soaring…
We’re ready to target what could be big moves, so join us for a live event at 1 p.m. ET today for the full rundown!
