When the strongest relative strength stocks cannot hold gains from the morning and the market is not acting right, there is really nothing left to do………..but get out of the way. Hence, the quick closing of the two trigger trades today, VIAV, LYFT. SCHW was stopped out. I have pulled off the other Focus List Setups for now until the market show more proof.
Bull Sectors were hit today: XLF -1.9%, XLY -1%, XBD -.7%, XRT -1.7%
When combined with the other weakness we have experienced over the past few weeks, it appears the Oct 10 lows will be tested. Though the SP 500 and QQQ are still above these levels, their equal weight partners, RSP and QQQE respectively, have breached their Oct 10 lows already.
Can NVDA Earnings change the tone?….possibly. But if not, we could split wide open. Defense is priority….check all your Stops.
The market feels very heavy right here…….
This is NOT investment advice.
Trade Well
J