Bearish
$SPY $SPX $TSLA Folks what you just witnessed this week was a move back to the 20 day moving average. When a stock goes too far above or below it’s 20 day moving average you’ll usually get a quick rally or selloff back to the 20 day eventually (depending on whether the stock was above or below it’s 20 day moving average. Almost every stock reached it’s 20 day moving average today. Once touching it we usually go back in the direction we just came from...so in this case back down. Oil was blood red today which tells me this rally will not hold (it’s already selling off AH) Oil was also barely green yesterday so we’ll likely see a retrace to the $240’s or $230’s tomorrow. I title this bull trap...the unemployment rally of the decade.
  • 21
  • 1