This fade on SPY is not a good look technically.
Nationwide mortgage rates are currently sitting at 6.24%. That's not a rate that make people dump their 3% mortgages for.
Relative strength vs SPY. Potential short-term bottom signal here at support.
Healthcare Sector (XLV) and Energy Sector (XLE) leading the way right now, while Semiconductors (SMH) and Technology Sector (XLK) are the new laggards.
Nice year-long basing pattern starting to show it is ready for the next leg up on Merk (MRK)
This morning - stocks are showing a slight rotation into defensive names here. Staples Sector (XLP) and Utilities Sector (XLU) showing life.
Semis and tech losing the leadership mantle and handing it over to Energy and Healthcare.
Ugly sight for Tesla (TSLA) as it just confirmed its double top pattern today.
VIX continues to spike this morning, rising 9.2% so far on the day and putting in a notable higher-low on the daily chart. A close near the highs of the day, could spell trouble for market bulls.
Investors still dog piling into NVDA at every turn. However, I think they are simply helping Wall Street de-leverage.
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