Well four of seven. Four of the Magnificent Seven. This is just a visual review to show where some of the weakness came from today. It might be useful to draw some daily trend lines and see which have broken and which have not.
Have an excellent start to the evening.
TraderJoe
The Mag 7 are: AAPL, MSFT, GOOG, AMZN, META, NVDA and TSLA.
ReplyDeleteI'm not sure if there is an authoritative Mag 9, but if so, maybe it would include NFLX and AMD.
There was great weakness Wed-Thu in semiconductor capital spending stocks like: ASML, AMAT and LRCX. Makes sense since semis are in a glut condition (TSMC operating well below capacity) except for AI-related stuff like GPU's (made by Nvidia) and HBM memory (mostly made by Samsung & SK Hynix).
Its 4!
DeleteFED
ECB
BOJ
PBOC
Any other "Next Generation" fans? 😀
ReplyDeleteSPY 15-min: a little caution needed today. Three black crows and a gap fill might point to a Flat wave to take up more 'time' in the correction.
ReplyDeletehttps://www.tradingview.com/x/PnleEN73/
TJ
SPY 15-min: we haven't gone over the prior high yet, but if we do maybe look to an upward diagonal instead of a downward Flat. Range trade at the moment. TJ.
DeleteSPY 15-min: double zigzag (so far) to over 50%. Could turn into a triple to take more time (or possibly diagonal, but harder to count).
ReplyDeletehttps://www.tradingview.com/x/j5wfjC7Y/
TJ
SPY 15-min: closed 'on' the gap at the close. Post-trade undercut the gap by a few.
Deletehttps://www.tradingview.com/x/BYejtElZ/
TJ
P.S. Just so it's been said, at the close any upward diagonal (either contracting or expanding) would be invalid by the 'rules'. A Flat wave could still occur, so might a longer in time fourth wave to the prior decline - although this last one needs some study yet. Good weekend all. TJ.
DeleteA new post is started for the next day.
ReplyDeleteTJ