Oil Is Setting the Market on Fire!
The S&P 500 is seeing some of its heaviest selling in weeks. The 11:30 eastern turn came and went with no pop at all. But don’t discount the bulls just yet. They have spent years figuring out new ways on how to rally the market into the close. The market internals look like a disaster currently with 8:1 edge for declining issues, while the VIX is starting to peak its ugly head up with a break to the upside and out of a bull flag pattern.
The S&P 500 so far today, has managed to break below the key short-term support level at 2761 and now testing the June 2019 lows as well. Also key here is the fact that the Nasdaq is leading the market to the downside in a big way. The momentum plays of recent weeks, Shopify (SHOP), Amazon (AMZN), Roku (ROKU) Advanced Micro Devices (AMD) and Netflix (NFLX).
Below I have put together this week’s bearish watch-list filled with my stocks that I am following for potential short setups. I am net short on this market and plan on staying that way for the foreseeable future.
Here’s my watch-list of long setups I am following: