Smart Stocks Newsletter · Francesco
Francesco
Aug 29Warning Signs Flash: Focus On Strength Here & Avoid These Areas
🌪️ Friday’s Reversal Changes the Tone Of This Market. A nasty reversal hit growth stocks, crypto and metals hard on Friday, with the Jackson Hole reaction throwing a curveball and creating a pretty nasty expectation breaker.
Das Wichtigste · Warning Signs Flash: Focus On Strength Here & Avoid These Areas
A nasty reversal hit growth stocks, crypto and metals hard on Friday, with the Jackson Hole reaction throwing a curveball and creating a pretty nasty expectation breaker.
Similar type of action in SPY as it tries to make a move through 772.64 and head into the gap, where it was pretty promptly rejected.
It was very disappointing to see IWM break to the downside, losing the 50-day moving average on Friday, which is not the look that we wanted.
It was interesting to see MAGS acting as one of the standalone areas of strength on Friday, following up powerfully with a big breakout through 70 , which did ultimately reverse as market pressure stepped up.
Very disappointing action in SMH as semiconductors gave back just about all of their move from Thursday.
It was a pretty heavy pullback day for ARKK, which gave back most of the week’s progress and now finds itself right around the 10 EMA and the big breakout pivot of 83.77.
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