8:50 AM Est to about 9:15 AM Est. Each day
✔ Tuesday Charts & Market Report ✔ 8:50 AM Est to about 9:15 AM Est. Each day | |
On Tuesday, the large-cap indices opened flat while the QQQ gapped down about six-tenths of a percent. From the open, the SPY and QQQ sold off for about an hour. Then the entire market ground sideways in a tight range the rest of the day. With 30 minutes left in the day, this gives us indecisive, black-bodied candles that are testing whether they can stay above their T-line (8ema). With that said, we just see a pullback in an otherwise in-tact uptrend. In terms of extension, VXX fell slightly, and T2122 is back in the mid-range. 10-year bond yields are up slightly by remaining just below 2.786%, and Oil (WTI) is also up very slightly to $90.79/barrel. So, overall it was just another roller-coaster, back to where we started, "much ado about nothing" day on Wall Street. | |
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