Hello Everyone,
Quick Notes: Overall it was a weak day for the general market with decliners outnumbering advancers by 2:1. The Dow lost -0.9%, the SPX -0.5%, the Russell 2000 -1.25%, while the Nasdaq gained 0.13%. Most sectors were down today and only 4 sectors out of 21 were up. We saw big decline in the energy area once again, Transports can't bounce to save their life, retail was down strongly, Metals and Mining, and Homebuilders. Really the only strength today was in the tech area and semiconductors - you need more than a couple sectors to hold up this market.
Most commodities lost ground today especially crude oil -3.4%. Natural gas was the one bright spot and has been for awhile now +3.25%.
Cryto currencies had a good day and most of the respective stocks did well such as BTBT, MARA etc
I added a handful of trade ideas longs and shorts, however be careful in this trading environment.
Note: Several previous ideas on watchlist remain valid but simply have not yet triggered so continue to re-examine each night. Consider making a fresh top 10-12 setups each night and put on front page along with existing trades. My advice is to keep your total ideas to a manageable number. Lastly, it's best to wait at times for valid setups to form - sometimes less is more.
Matt
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8/4: SPX daily DVT = 4230, SPX 2 day DVT = 4260, Weekly DVT = 4057
QQQ daily DVT = 355.8
, 2 Day QQQ DVT = 348, Weekly QQQ DVT = 325.2
