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A morning trading briefing on a market where mega-cap tech is selling off sharply while cyclical and equal-weight stocks rally, driven by oil’s pullback toward $94. Hosts cover key levels on SPY/QQQ, a beaten-down Apple, continuation scan setups in aerospace and homebuilders, and today’s catalysts: JOLTS data, midterm elections, and AMD earnings.
Key points
Market regime is 'cautious' with 53.59% of stocks above their 40-day SMA, but breadth is expanding 16.0 points on the 20-day SMA as capital rotates out of mega-cap tech into cyclicals.
Oil retreating to the $94 handle after a limited military exchange is easing inflation fears and supporting rate-sensitive and cyclical trades.
QQQ is deeply oversold (RSI 32.1) and clinging to its 200-day SMA at 680.12, while SPY sits at the bottom of its 20-day range near 752.10.
Apple is down 3.95% despite good earnings, a classic 'sell the news' reaction; traders are cautioned against averaging down.
13 continuation signals are firing, all in cyclical non-tech names like TDG, DHI, and AXP, benefiting from falling oil and mortgage rate relief.
See SPY in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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SMAUp (filled)Down (hollow)
Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open SPY in WaveFinder.
See QQQ in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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SMAUp (filled)Down (hollow)
Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open QQQ in WaveFinder.
See AAPL in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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SMAUp (filled)Down (hollow)
Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open AAPL in WaveFinder.
See TDG in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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SMAUp (filled)Down (hollow)
Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open TDG in WaveFinder.
See DHI in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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SMAUp (filled)Down (hollow)
Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open DHI in WaveFinder.
See AXP in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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SMAUp (filled)Down (hollow)
Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open AXP in WaveFinder.
See AMD in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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SMAUp (filled)Down (hollow)
Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open AMD in WaveFinder.