Solid bounce so far off of support for Palantir Technologies (PLTR).
Tech is starting to lag the market which could indicate this market has run out of the momentum it sustained off the April lows.
Nasdaq 100 (QQQ) pushing below its lower channel band. At six days in a row lower, setting up for a bounce here.
The US Treasury are engaged in their own form of QE now, in the form of a 4B buyback this morning.
Way too much concentration in the Mag 7 stocks and creates a systemic risk to the market as a whole.
Semiconductors are showing weakness and Tech is following.
T2107 showing the percentage of stocks above their 200-day moving average currently.
Walt Disney (DIS) has made a nice move so far this week, but I'm not trusting it.
Even with the expectations of possibly 3 rate cuts before the end of the year, mortgage rates have barely budged.
Technology is even diverging from Semis which is an interesting development.
spc@shareplanner.com
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