Stocks are diverging ahead of the open Tuesday, with blue chips leading while tech stocks are lagging — a big red flag.
Whenever you have divergence, you have a market playing tug of war and we just don’t know which side will win, pulling the other side up or down.
We have Consumer Confidence and JOLTS data coming at 10 a.m. ET.
There’s also a slew of companies reporting earnings, which have been a mixed bag so far, much like the major indices.
A lot of institutions will be on the sidelines today ahead of Microsoft (MSFT) and Meta Platforms (META) earnings on Wednesday, so volume is likely to be light.
The U.S. dollar is also still breaking down, which is recessionary and depressionary along with crude oil prices.
The bond market (TLT) is moving higher, so we’re essentially in wait-and-see mode right now…
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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