Back Testing Last Weeks Lows

The selling pressure has continued from last weeks tumble, as $SPY trades below previous lows in the midday session. The ETF tested its PM highs, catching chasers early in the session, but quickly reversed that sentiment and blasted through its PM lows. Currently, we’re pushing lower off the latest pullback.

Reasonings for the continued selling are rampant; but at the end of the day, who cares? The usual “blame game” candidates are flooding headlines – but you know how that goes. Stay focused on your plan.

With the first 2-full October trading weeks in the books, we sit at a bit of crossroads; heading into the final 2-weeks of the month. We’ll either see the market turn this “franchise” around and head back up towards its ATH’s or the continued uncertainty will flood the market. Political or non-political – the market wants something stable to dig into; it’s more than obvious.

Sectors are trading in a 7/4 bear split with Materials running the bull show, trading up +0.36%. Communication Services finds itself at the bottom for the bears, trading down -0.62%.

Our top 9 Smart Money Movers are:

$VRM trading up over 5%
$CREE trading up over 6%
$ENPH trading up over 6%
$DKNG trading down over 3%
$NVAX trading down over 3%
$OSTK trading down over 4%
$PENN trading down over 5%
$HYLN trading down over 5%
$AEL trading down over 17%

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