Ugly day for market after stocks like GOOGL, CAT faded even after reporting good earnings.
SPY below 20 and 50 MA and in the middle of the range. Bears now have the edge until it’s back over 20/50 MA. The most worrisome things are good earning are being sold into and there are no leadership stocks or sector. Price action keeps on deteriorating on once leader FANG names. Oil stocks has seen some nice days but they are not true leadership stocks. Market is getting a bit oversold so it might try for a bounce but not sure how long that bounce will last. Hit and run trading continues until the picture clears and if you are not sure what to do just sit out for now.
Watch list names did well. OKTA,SAIL,CASIAKCA VHI all triggered and gave nice trades before rolling over along with market . UVXY 15.80 alert also gave a nice trade in market weakness Tuesday.
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