The major indices are all down on the heels of Monday’s furious rally in the S&P 500 and Nasdaq…
In fact, the bounce in the S&P 500 (SPY) erased three days worth of losses, so it’s not surprising to see that we’re down so far today.
We also had some tech stocks including PayPal and Netflix, which could be a little wrinkle this morning.
Looking at the number of stocks still over their 50-day moving averages, we’re still in overbought territory. I do believe the market is overdone and needs to cool off a bit…
The bond market (TLT) is trading below its 200-day moving average. It rallied Monday, but its already all been erased this morning. And there’s no way tech stocks will keep rising when the bond market falls…
If we have a real breakdown, it will again put interest rates in focus.
I’ll cover all that and more in this morning’s “Premarket Must Watch” video!
In today’s all-new briefing…
I’ll discuss the Fed and bonds… critical SPY levels… two sectors that are rocking and rolling… momentum levels for long-term analysis… whether tech is ready to melt down… if banks are ready for up- or downside… and whether right now is a high- or low-probability trading environment!
Roger Scott Trading
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P.S. Join Me Live Today for a Dashboard Workshop, and Keep Any Trade Ideas That Pop Up!
Thanks to my new ProTrader Dashboard, through last week, we’ve been able to reel in 61 wins in 65 trades over the last TWO months!
Some were big, some small and, yes, we also had the four losers — but I’ll take that winning percentage all day!
It’s the only trading tool I know of that tracks the stocks institutional traders are buying or selling in real time…
And you’re in luck because I’m going live at 1 p.m. Eastern today to go over exactly how it works. I’m also likely to drop some actionable trade ideas you can take while looking over my shoulder!
All you have to do is join me at 1 o’clock to see what all the fuss is about…