8/8 Cautiously Bullish. 350 Buying | 360 Selling.
% Stocks Over 50SMA is Bullish. Primary Indicator is Bullish – Caution. 20% Weekly is Bullish.
The market showed early strength on semiconductor tariff carveouts, lifting tech and semiconductors, but broad-based selling late in the day capped gains, reflecting uncertainty amid rising tariffs and softening labor data.
Technology and consumer discretionary sectors demonstrated resilience with continued momentum, while healthcare and financials lagged notably. VXX declined, signaling subdued volatility despite mixed price action.
No major economic data is scheduled Friday; focus remains on Fed Board appointments and trade policy developments.
Key Takeaway:
Swing traders should focus on tech and consumer discretionary stocks showing relative strength and volume support, watching key support levels near 630 in SPY and 566 in QQQ for entry points. Caution is warranted given the late-session selling and mixed breadth; tight stops below recent support levels are advised. Avoid extended exposure in weak healthcare and financial names until clearer directional cues emerge.
Watchlist
Continuation: HCA (S1: 370, S2: 371, S3: 372, R1: 374, R2: 375, R3: 375)
Anticipation: RNA (S1: 46.5, S2: 47, S3: 47.5, R1: 48, R2: 48.5, R3: 48.5)