Not sure what to make of today. NQ blasts to new a all time high, SP finishes just under hugely important 2800 level, RTY about 1% under all time high, YM off from recapturing its June 11th close, and SMH still looking vulnerable. Usually I just blame FAANG when everything isn't in lock step, but even AAPL and NFLX didn't close at new ATHs today like FB, AMZN and GOOGL did. Everything seems slightly out of step from each other and has for a while now. Interesting times for sure. My gut says we see ES hit 2600 again before it hits 3000. My head tells me the manipulators only need to control 10 stocks to keep the ES and NQ moving higher and will not let another drop happen before the November elections take place.
I used to spend a great deal of time studying indexing, weightings, etc. Not all that useful, just found it interesting to see what was under the hood. I agree, out of step. Looks at sox, not even close to June highs. Looking for a trade able reversal from here to 2815 spx.
Now let's see what the market can do without an unstoppable FAANG to keep it afloat. NFLX down 12% after hours on subscriber growth miss. AMZN will complete a bearish island reversal tomorrow if the stock opens below 1813 and trades lower for the day.
Market starting to look weak here on the 1hour / / 4 hour. If we dont get a breakout soon ill be bailing on my long and looking to re-enter lower. I think a fail here can bring us much lower.