Wow, everything is dying again. We’re nearly in Bear Market territory, if not already, in the S&P. This will be my first Bear Market. /ES is deliberating around 3900 premarket.
Utilities (XLU) & Energy (XLE) Seem to be the only sectors that didn’t exhibit complete weakness yesterday, with Utilities being the only index that closed green. Looks like Healthcare attempted a rally but was viciously pushed back down. 4 of 11 sectors are at their low of the year, with at least 4 more approaching their lows as well. The only indices above their 200 day EMA are Energy, Consumer staples, & utilities, with Energy the strongest of the three. This is marvelous insight & education into the priorities of the fearful. Must continue to educate myself on ‘Market Cycles’.
Healthcare: ABT passing it’s yearly low premarket. Likely not liquid, must create list of all stocks with more liquid options markets in preparation for whenever & begin trading options again. Might as well familiarize myself with the markets now.
Energy: The strongest of the sectors, but still not raging upwards. EQNR could see move up, there’s a gap above level it’s currently teetering at.
SPY Is below Daily 392 level, but now close enough to it to use as stop point. If we can see some opening strength back up to that level, could be good spot to go short from, but after so many down days, feels like a relief rally is imminent sooner or later & getting caught on the wrong side of it could be vicious. Daily chart is coinciding with major daily level & trendline that has seen numerous bounces. Odds seem to be that the bounce will manifest around where spy is trading at now, could be healthy upside move, however, we are also in the middle of what could be a daily bear flag, the trend is clearly down, so trading to the upside, would be against the prevailing sentiment, which is contrary to your best practices.
RTX in Industrials, looks ready to descend below 200 day EMA. BA looks like it could follow through down to it’s 122 level.
AAPL Had massive selloff, looks weak pre market. V had up day yesterday, could this mean down day overdue, considering weakness of the sector? Doesn’t seem to be a clear setup. For AAPL, beware consolidation. This could be beginning of bear flag after the drop & volume activity of yesterday.
TGT has Bounced from level its at in the past.
All over the place right now. Need to focus my energies. Noticing that nothing seems abundantly clear & I have trepidation about most setups, that & I’m realizing the stark need to have issues FULLY charted before hand. Need to minimize number of stocks I’m watching & chart the ones I am comprehensively. Must determine most actively traded options markets, break down their stocks by sector, which will hopefully leave less to chart, then chart thoroughly all of the named issues.