After nearly three days of selling, $SPY finally stopped the bleeding in today’s session. The ETF gapped down in the early hours of PM trading, but has since changed that sentiment from the 9:30 market bell.
As we mentioned in our Trade Ideas video, $SPY was about to test a key level of support and as it looks so far, that line in the sand is holding true. Levels.
Despite the numerous doom and gloom headlines continuing to flood media outlets, the market has brushed off the ‘rinse and repeat’ type scare tactics and have gone on to business as usual. At the end of the day, this too shall pass. Right now, it’s purely positioning for the inevitable; in the meantime, trade the flow and avoid the market noise.
Even though $SPY is currently fighting its way back up north, majority of sectors are bleeding in the midday session.
Sectors are trading in a 9/2 bear split with RE and Financials slightly green – but green nonetheless. IT is taking a hit at the bottom of the bear list, trading down -0.94%.
Our top 10 Smart Money Movers are:
$REPL trading up over 12%
$SNBR trading up over 12%
$ARWR trading up over 8%
$EAT trading up over 7%
$ZM trading up over 4%
$AKAM trading down over 3%
$APPS trading down over 6%
$NET trading down over 6%
$VRTX trading down over 19%
$FSLY trading down over 23%