Well, on one hand we're in a "new bull market" and we've started to see a rotation into value, cyclicals, and things like industrials and people hunting for value including piling into the most beaten down stocks since COVID including airlines, cruise lines, and banks.
But on the other hand no news is news anymore and we're kind of just stalled out at a critical level on the chart on SPX , QQQ , and had some closes today. And on top of that the weeklies on some of these aren't looking too healthy either. But, when you look underneath the hood it's telling another story all together. Mixed signals.
Again we gapped down better initial jobless claims (#2020) and opened right on the 5m 200 and outside of the channel. Well, we can't have that can we? So of course they traded us where? Right where we left off. We tested the bottom trendline a couple times as literally nothing was happening as we traded sideways. Until we gave up the trend, a sign of lost momentum. And the move was interesting because there were sellers, and we were grinding lower. But, there were also buyers, and they were catching and pocketing everything the sellers were throwing at them until the sellers got tired and went home, and then what happened? Oh, they traded us right back to support of course. But, the funny part is that they let us close below... Ok. Below all the moving averages on the 5m chart.
Also wanted to throw this ES chart in for good measure.