Hello Everyone,
After the close yesterday, I mentioned to Matt that I thought SPX/QQQ were close to a blowoff top (short term) after a parabolic type ascent with the SPX RSI 14 at 81.67. Today, we saw a quick pop and drop with money rotating out of big cap tech into small caps. In fact, today IWM outperformed QQQ by the largest margin in history. I still view this as a temporary reprieve for the SPX/QQQ but would welcome some further unwind with some support levels on the mega cap names posted below to monitor if we see further dips.
AAPL 218/20 AMZN 187/190 GOOGL 178/80 MSFT 446/48 NVDA 126/27 TSLA 229/32
ES levels posted on trading community.
Please take a moment to look at the trade ideas.
