SPY

Let's take a look at the S&P 500. As I said before, we are at the all-time high, but we have a new sell signal here and the trend looks downward. Remember that Nasdaq can only move the S&P 500 index by a certain amount.

The S&P 500 index includes a lot of old, traditional companies that don't actually move in the same way. But we are now seeing a divergence between the Nasdaq and the S&P 500. I would be more bullish on Q's stocks here than on the S &P 500.

So, let's jump into the S&P 500 where we see the daily chart here on the SPY uh ETF. Now, we see if you just isolate this one daily candle, guys. Doesn't that look like a bottoming tail on the chart?

Now, I know the rules of bottoming tales. It needs to occur at the bottom of the chart. We've got plenty of candles over here, but what a nice intraday recovery from the lows. And we see what happened last time we put in a candle like that, man.

We gapped up and rallied up higher. So, this was a really robust u not very big push higher in the markets, but as far as the sentiment, this was a good finish on the day recovering back where we are.

That makes me look near-term tomorrow at 76679 as the resistance.

First up into the spiders. You can see here down 0 21%. But you notice the high. We were all the way up here above this declining trend line. Let's look at the 10-minute chart to really see what happened in the course of the day.

Now guys, you could see we were green all up until this final red 10-minute candle. This was a rosy day with all of that inflation data. As I mentioned, that was really keeping the markets buoyant.

And then if you flipped up just to look at the markets at the very end of the day, you would have said, "Oh, it was a red day." But guys, that was just one 10-minute candle. The entire day in the markets, we were in the green.

Matter of fact, we gapped up off of that pre-market news and continue moving higher. At one point, look, we were doing our best to maintain again above that declining trend line.

Notice how we just pivoted right off of it at 10:40 this morning, going back to the daily time frame. That would have been a big uh uh deal for the S&P 500 to get through those economic reports and then still remain bullish and pushing up near-term above that uh declining trend line.

Now, we find ourselves basically back here close somewhat very close to where we were yesterday. So, the good thing is though, the markets are getting through these times of stress and tests without really selling off.

Now, yes, we didn't continue staying higher, but all in all, this wasn't that bad of a day when I was anticipating the the inflation numbers to be much worse than they were. So, I think a lot of investors, including myself, um were looking at this somewhat of a positive uh picture for the near term.

The Spyder S&P 500 ETF Trust and Invesco QQQ Trust ETF, which tracked the S&P 500 index and NASDAQ 100 index, respectively, were mixed in pre-market on Tuesday. The SPY was down 0.038% at $765.32,

Check out the spy. Here is the breakdown. We are lower, right? Nope. We go right back up the very next day. Not even like two days later. So that tells me we're higher.