A few weeks back we had a very strong Nasdaq and weak blue chips, and now we’re seeing a reversal of that.
The main question now is whether or not that will continue. If you look at the broad market in the equal-weight S&P 500 (RSP), it’s not doing anything, and it’s been stuck in a range for quite some time.
Nothing but chop and no directional bias. Of course, if you look at the S&P 500 (SPY), it looks like it’s going straight up — because only a few stocks are carrying it higher.
Which means most of the market is doing next to nothing right now, so I’m not particularly excited about the way things look.
The next minor levels down for the Nasdaq 100 (QQQ) are $475, $472.50 after that and then $468.90.
The S&P 500 (SPY) seems to be holding on at the $544 level, but if it breaks down, it can go to $540 in a hurry…
The Dow (DIA), meanwhile, is moving higher this morning but still within range, and it doesn’t look like there’s much upside ahead…
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
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