Our two reference points this week–The declining 50-period moving average on the 30-minute SPY chart, and the 50-day moving average on the Nasdaq Composite Index.
As it stands currently, the bounce we saw this morning found supply at those areas, and we are currently fading. While not yet a rollover, I continue to key of those sensitive price areas before putting on any new longs.
FB NFLX PCLN TWTR are still near the top of my list of long setups, especially if the Nazzy can finally clear back over the 50-day moving average.
On the other side of the tape, the small caps and a premier name like Amazon remain suspiciously soft here.
I closed out of the rest of my short Russian trade due to downside momentum abating this morning as Putin came out with a headline trying to seek a solution, or so it seems. I will look to get back into that trade at a later date, if any bounce fails.
What are you trading this morning?
Big-time chop out there.