Morning Scoop
It’s been a back and forth battle for a week now. Some stocks are making pushes higher while others are moving in the opposite direction. Overall, this rotation is healthy for the market, but I’m noticing that futures are looking a bit weak at the moment. Let’s keep an eye on that and see how things develop.
Markets
📰 News
TSLA is set to report earnings after the bell today. Meanwhile, NFLX reported their earnings yesterday after the close, and the stock is down approximately 2% in pre-market trading.
📈📉 S&P 500 Futures Update
Here are the SPY Futures, currently hovering near the top of the resistance zone that we’ve been keeping an eye on. However, the price action doesn’t seem to be very strong as we approach this zone. There’s a possibility of downside movement, so it’s worth taking a closer look at the internal view to see what’s going on.
Here is the current trendline that the price has been following since the 13th, and it’s starting to break this morning. This doesn’t necessarily mean we’re going straight down from here, but it does feel like a shift in momentum.
🔮 Forecast
Unless the price can hold its ground and break through the significant supply levels, we might witness some downside movement. However, it’s important to note that we’ve had a decent run for over a week, and a pause or slow down in the momentum at this point isn’t necessarily a bad thing.
Wrap-up
I am closely monitoring the market today and being much more selective with my trades. I tried to enter a long position in SPY yesterday, but was stuck in choppy price action for most of the day. Today, I will either wait on the sidelines or look for a high-conviction trade signal before taking any positions.
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