While Russell 2000 would prove medium- and long-term most resilient, and rotations failed to save S&P 500 yesterday – such a risk-off day that even aftermarket pump didn‘t work much as even good earnings had been sold into. Tells you much about the sentiment and creeping deterioration covered so amply in Sunday‘s extensive article. Note the long IWM short NDX spread trade call made there – following yesterday, I view discarding the long IWM part as most justified.
Had already said so in the early European hours today in our channel – and this is what I had posted there as well. Never underestimate the sapping power of remaining in a bad trade, and the same goes for my life in general and my journey of late.
While the individual stocks dissection within the premium daily S&P 500 chart makes clear what I expect to happen next, I‘ll just add for the record – look for NVDA earnings to set the tone while FOMC minutes won‘t add to the risk sentiment. I‘ll be as always making moves and commenting in both intraday premium channels.
A little sample from earlier today, and how it‘s going – no further commenting required I guess.
Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 3 of them, featuring S&P 500, precious metals and oil.
Crude Oil
Crude oil is delaying the move into $81 – $82 zone, but I‘m not looking for the bears to get far today or tomorrow.