Trading the Charts for Tuesday, August 15th
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Good morning and Happy Tuesday,
Lots of retail earnings over the next few days, not off to the best start based on the pre-market futures. HD is down 1% with SE down -18% and ONON down -7%
Yesterday the largest hedge funds all dropped their 13F’s which shows their holdings at the end of Q2 (so it’s already 6 weeks outdated) but it’s still worth paying attention to what they’re buying and selling. I skimmed through 10-12 of them and saw alot of adds to NVDA and UBER.
10Y yield above 4.2% this morning could also a reason for the selling pre-market.
Indexes coming off a mixed day, much better for tech/growth ie QQQ up 1.1%
Here’s how the sectors did yesterday…
Futures not looking great and getting worse throughout the morning…
Yields still moving higher, the 10Y above 4.2% is a problem for stocks…
SPY bouncing off the 444 pivot with 50d sma just below.
QQQ bouncing off Friday’s lows then pushing back through 50d ema and 50d sma
IWM bouncing off the June pivot, closing back above the 50d ema/sma
IWO looking the worse, nice bounce off the lows but still below the June pivot and 50d ema/sma
ARKK also looking bad, at the lows yesterday it was down 18.5% from the recent high, that’s a big correction in 4 weeks, bounced just above 100d sma and then closing up against 100d ema but already down 1.2% pre-market so it’s going to give back all of yesterday’s gains. FWIW the 100d sma is at 41.71
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