Telegram Trading

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Assessment: Weekly jobless claims came in worse than expected and now the narrative seems to be away from inflation and concern to a slowing economy. Sometimes these narratives seem so stupid. How could anyone not see the economy slowing with lowered consumer spending, credit card utilization, higher interest rates, etc.? Seems like this was an obvious outcome, but what do I know.

Once again…there is no bullish momentum and no bearish momentum. We are stuck in SPY between $410 and $415. HOWEVER, if you look at equal weighted market ETFs, they are really struggling right now. What does that mean? It means a couple big caps are keeping the indices propped up and hiding a lot of problems under the hood.

Feels like just a matter of time until $410 breaks again.

The bounce from SPY $404 was weaker in May than it was on the touch in April (see chart at Further showing the bulls just aren’t there. Eventually if there are fewer and fewer bulls, price has one place to go (down) without needing the bears to do a thing.

Good luck in your trades!