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Misc Stock Market

Oscillator still overbought on SPX...market just won't roll over. So many are expecting a rough 2nd Q but most dips are being bought.

Tech is still very over bought, extended, they bought it up thinking rate cuts are coming fast.

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Many large cap tech charts with big rising wedges. Shorts have been crushed this year so they aren't going to let tech just roll over and make it easy.

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Cold blooded market...SPY had a huge engulfing red daily yesterday and today they gapped it up and pushed it right up to break out level of $412. This is why I don't short. Been scalping stuff here and there.

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4190 rejected hard today on ES...fairly clear line in the sand. That has to clear for next leg up...surprised the market has held up as well as it has, everyone keeps thinking we are going to get a multi-day/week sell off but so far the mis-direction is winning.

4100 needs to hold...but could totally see them break that level next week and then rip it higher, that's been the play.

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The pain at the banks stopped for the time being. Deposit outflows stopped.

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Not sure what/why this market is getting propped up right now but neg divergence with the oscillator points to SPX falling...but maybe it won't ?‍♂️

Bank earnings were very good on Friday so there's that. But tech earnings start this week.

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The Fed printer is about to go Ctrl P. They are going to be forced to monetize the debt just like they did end of Q3 of 2019. The market is starting to price in more liquidity.
 
Oscillator rolling over but so far no meaningful pullback in the markets. Everyone waiting for a sharp pullback but it’s not happened.

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Bed, Bath, & Beyond is closing. I still have BBBY, which has become a penny stock in recent months. ? It will be interesting to see how that unwinds.
 
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