The market is strong to kick off the new week and I really like what I’m seeing after President Donald Trump granted tariff exemptions to cellphones, semiconductors, computers and other tech imports.
The question now is how high will we come back before settling back down because there’s still a huge amount of uncertainty? The market still has not capitulated yet, though, I believe we’ve made a low for the time being.
So I like what I’m seeing so far, but I’m fearful that we will come back up to resistance and fall right back down. If we can get above the $574.47 level in the S&P 500 (SPY), then we’re still in a bear market.
Only 22% of stocks are trading above their 200-day moving averages, so we have a long way to go. That’s why I wouldn’t get super bullish just yet because we’re not out of the danger zone.
For now, $550 is the number we want to trade above for SPY, above $468 for the Nasdaq 100 (QQQ), above $422 for the Dow (DIA), and above $49 for the Magnificent Seven ETF (MAGS).
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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