Last Friday, wrapped up quite a reversal in the week’s session. We’ve been looking at the market shifting and last week just solidified that sentiment. That said, we’re see the boys play those games in today’s session. $SPY gapped up in the PM session and has been pushing higher ever since. Once cracking through it’s PM highs, the ETF picked up speed; although, we’re seeing a PB in the midday session.
The 342+ from last weeks $SPY highs will most likely be a magnet for the traps; the ETF is on its way.
We’re not seeing too much follow though from last week, which is another indicator that the shift is in and today’s push higher is just more market b.s. Of course, this could be the move back up towards ATH’s, but we’re not holding our breath.
TIkTok is back in the news as ByteDance has selected Oracle as its U.S. partner; although they’re not giving access to their algorithm – so Oracle will have to get to work, to make it work. Don’t know about you, but there’s a lot of smoke over just another app. Of course, it’s about the data – TikTok itself has already had its time in the light.
Sectors are trading in a 10/1 bull split with IT leading the midday session, trading up +2.41%. Non-other than Energy is at the bottom of the sectors, being the only red trader of the session; trading down -0.03%.
Our top 10 Smart Money Movers are:
$SGMS trading up over 46%
$ZYME trading up over 14%
$SGEN trading up over 9%
$MU trading up over 7%
$DFS trading up over 6%
$NVDA trading up over 6%
$MRNA trading up over 6%
$PTON trading down over 3%
$SHLL trading down over 7%
$GRPN trading down over 10%