Looking to continue the bounce off Monday’s lows, $SPY gapped up in today’s PM session, but is currently fading below its PM lows. Clear positioning is occurring, while FM’s do a bit of late year house cleaning. Question is, will 174 stand as 2020 $SPY ATH’s or will the boys try to trap some chasers?
The morning moves have settled down and the market slipped into chop-mode; hence why $SPY is stuck – for now. It has a slight feeling of the calm before the storm.
Vaccine headlines continue to rule the media as players are getting added to the list. An actual vaccine is well and good on paper, but actually getting it out to those looking for it, is looking to be a logistical nightmare. The idea was to fast-track the distribution, but not too sure that’ll play out as expected. This obstacle could definitely put pressure on market prices to kick off the new 2021 trading year.
Sectors are trading in a 10/1 strong bull split with Energy sitting at the bull top, trading up +1.20%. Communication Services is the lone bear of the bunch, trading down -0.72%.
Our top 10 Smart Money Movers are:
$DNMR trading up over 14%
$BLNK trading up over 10%
$LAZR trading up over 9%
$CREE trading up over 6%
$APPS trading up over 6%
$MP trading up over 5%
$RMO trading up over 4%
$LMND trading up over 5%
$MGNI trading up over 5%
$PLUG trading up over 4%