TTG Weekend Macro Notes & Watchlist
Hi Traders,
Below is the Weekend Macro Notes + New Watchlist
TTG Weekend Watchlist & Macro Notes:
CF Conclusion
- Last weekend’s video I talked about how I was seeing deterioration in the market in terms of price action and participation (breadth). Last week showed no follow thru on upside moves (this has been observed the last few weeks) and reversal back lower (combination of tax selling and global conflict headlines and just overall weakness really). The Small Caps and DJIA are really showing weakness and SPY / QQQ holding up a bit better but are exhibiting short term weakness below 5d / 20d MA. Breadth is also confirming in the price action with NYSI / NASI below 10d MAs and new 4wk lows have increased dramatically. In addition , yields and the dollar gained indicating “risk off” generally. Bottom Line – I think it makes to continue to be patient until I see breadth improve and a more constructive market (don’t want to see every up move faded). Remember, all I am doing with these weekend notes is trying to understand if market looks healthy & strong vs weak & fragile which guides risk taking. For now, it is more of the latter, but things can change rather fast so have to 1. Be patient 2. Make moves / trades we start to see improvements (ie breadth, price back above MAs). In addition, normally I try to tone down swing trading during earnings season as its more of a watch for new market leadership time. Also, a positive observation is that Credit Spreads are not blowing out indicating this may be more of a temporary setback for market.
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