Markets are rebounding after Tuesday’s sharp sell-off, and the big question everyone has right now is where the market is going next.
On Monday, there were 471 stocks making new 90-day highs. Typically when that happens, it means the market is about to cool off. Two days later, the number is just 151.
So when that number gets high, it’s a clear sign we should be about to cool off. The market is also super fragmented, and when things cool off, things begin to compress and get more in line.
The bond market (TLT) rallied Tuesday, which tells us the market may be pricing in rate cuts later in the year rather than sooner
Volatility also rose yesterday, but then right around 3:20 p.m. ET, the market bottomed and began to rise while volatility started falling.
That continued in after-hours trading and into this morning…
So what’s really next for the market?
I’ll cover all that and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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