Tech Sell off, But Broadening Market
Added 2024-06-20 20:12:15 +0000 UTCNice start to the day, when $NVDA $SPY $QQQ opened up another ATH's but that quickly fizzled out as market sold off the overnight move on semi names and moved in to XLU/XLV/XLE/XLF $DIA. Which isn't bad, gives the semi names such as $NVDA $DELL $SMCI and others a chance to cool off but $AMD definitely saw a nice move today along with $AMZN bouncing. Overall, not bad considering yes a tech drawdown but money rotating in to other sectors.
$SPY $QQQ took some losses today. Tomorrow will be interesting as $XLK rebalancing taking place to buy $NVDA and drawdown $AAPL allocation + options witching tomorrow. Our downside this week is 544, and hit 546 upside, and we went to 551. If 544 doesn't hold tomorrow, we're looking at further pull back, all healthy.
TOMORROW: S&P Global PMI 945am, Existing Home Sales 10a. But start to consider PCE/GDP next week!
