Today's SPY market pretty much stayed under the shadow of the 100EMA in the 5minute time frame. And, it was a fun day.
The initial hour was a good set up for what was about to come. I was minding my own business drawing the area of value when the first dive took place. The kid below pretty much describes what transpired after.
The initial bounce only made it high enough to barely touch the 100 line. There were some good entry points but the bears had just enough of the bulls shenanigans the past couple of days. We know who was the boss today.
After the ride was over, all I see was red. A red SPY, a red Nasdaq, and a red Dow Jones.
None of the sectors were able to withstand the whiplash; with the Communications Services having the biggest headache down over 4%. Speaking of this sector, I noticed below that Lumen was also down, this one over 20%; something to do with the guidance not so crisp to the taste of the investors.
Speaking of down, I heard Google had an event to showcase their AI contender to ChatGPT. Well, I wasn't there, but I can tell people who was there probably wanted their money back. The stock is down over 7%.
One of the stocks I was watching for a bounce was Schlumberger, SLB, up 1.52% today. I thought it was worth mentioning; not a recommendation. I was just testing one of the screeners I set up.
Another worth mentioning is Doge, down over 7% today. I put some money on this puppy--no pun intended--a year or so ago and all I can say is it's still a puppy.
Bitcoin is at 22,967.62. It was 23,247.36 yesterday.
While we're on the subject of Bitcoin, I was listening to the Odd Lots podcast episode earlier. Steve Eisman field the questions on why we need the Bitcoin currency and what problem is it trying to solve. I was intrigued by the conversation.
To put a bow on today's session, it reminded me that the market does what the market wants when it wants it.
Cheers everybody. Good trading tomorrow.
You only lose if you don't have a stop loss. Cheers Traders.
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I am not a professional investment adviser and my opinions are based on my own technical analysis. Please consult an investment professional before making investment decisions.
Do your due diligence if or when placing a trade. All ideas stated here are my own and do not represent trading or investment advice.