Well yesterday we saw a lot of continued selling that actually puts SPY futures in a technical downtrend, however, unless we close weak on the week it means very little.
HIMS, HOOD, AMD, RIOT, COIN, CMG, MGM, EBAY, AEHR, PLTR, BROS, MU, CROX, DDOG, and literally hundreds more all following into technical downtrends. Again, it depends whether this price action follows through today and tomorrow. Regardless, exercising caution here is wise.
The fade on IWM is just plain nasty, huge rip at open that couldn’t even last 60 minutes.. Before giving the entire move back. This is not the type of action you see in a healthy market.
The continued sell off in names like IBM and LMT (there are many more) is also impressive to see. A “get out at any cost” exit by a few funds no doubt.
So really nothing to do today, waiting for a new theme/sector to appear. Sat patiently in current positions, Paytience as Sven highlighted is the key here.
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