Tough start today with the Q’s down -4%. The answer is not AMZN below 2200 or TSLA down 9% today. There is plenty of Fed speak and Econ data on the immediate horizon, but what I see is 3900 ES before we meet again.
Stock indexes closed the day about as bearish as they could, but now that everyone is onto the idea, at least be aware of the potential of some short covering. If that is the cue of the day, this is one sector I’ll be keeping an eye on.
The S&P 500 bounced twice from its Voodoo fireline today. However, the heat from that fire might make it hard to hold onto for long.
In this video I discuss the Thursday air pocket and the overall rate hike reaction heading into Monday.
Thursday brought one of the more bearish sessions we’ve seen all year, and the selling is likely not done yet. We’ll see what Friday’s employment data brings, but until this sentiment reading makes a new high, equities are likely to be under pressure.
Stocks took a beating on Thursday and while the selling is likely not over, we very well could see a bounce into Friday. Here’s the levels that I’m keeping tabs on as we head into April’s employment data.
