The Closing Print live trading and financial blog during market hours.

Monday Morning Thoughts for SPY

The markets have recovered from overnight weakness, as futures hover near Friday’s close. Spy is flat. IBD50 stocks were strong.

SPY Renko

Renko has been range bound since January. Recent price action is building white bricks, therefore until we see red bricks we can assume the longer term trend is still intact.

 

 

SPY also strung together 6 straight weeks of gains by mid-week, only to fall victim to selling on Friday. Despite Friday’s news driven profit taking, the markets still look very strong. August seasonality aside, price action is reflecting the majority of S&P 500 companies beating sales and earnings estimates for the quarter.

 

 

TICK Cumulative – SPY NYSE NDX

Both the S&P500 and Nasdaq showed institutions buying more than they were selling.

 

 

The caveat remains with CPC , fear and the put call ratio. Though it is near the green zone, we wouldn’t be surprised to see a pop.

Stay cautious this morning and wait for the Opening Range.

We’ll be broadcasting LIVE at 9:20 AM.

Happy Monday,

Vinny



https://theclosingprint.com/CV_Blog/watchlist-for-the-week-futures-are-lower/

Disclaimer:  Do your Own Research

Our content is intended to be used and must be used for informational purposes only. It is very important to do your own analysis before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on our Website and wish to rely upon, whether for the purpose of making an investment decision or otherwise.

Investment Warnings

We would like to draw your attention to the following important investment warnings. The value of shares and investments and the income derived from them can go down as well as up; Investors may not get back the amount they invested – losing one’s shirt is a real risk; past performance is not a guide to future performance.