Yesterday before the markets opened investors shrugged off private payroll data that showed job losses when “expectations” were for gains.
PYPL released disappointing earning premarket as well. But the markets rallied anyway logging the fourth day of gains.
Afterhours was a different story. FB, SPOT, SNAP, saw their stocks plummet after disappointing earnings.
Futures are all trading lower this morning. Volatility is showing new signs of life.
Tensions with Russia remain high this morning as Putin has yet to reveal his plans for Ukraine.
Generally, the indicators are all neutral. This means markets are likely to follow the path of least resistance.
Right now I believe that’s down. 3 of the 4 major indexes are still trading below support.
The beginning of the month is typically bullish.
The preceding rally may have been a combination of real buying, dip buying, and a dead cat bounce.
Nothing to prevent the market from moving lower.
I’m risk-off and happy to wait and see…
DAVE has support at $14
EXTN has support at $5.50
EGY is on watch
GLNG has support at $14.50
CBT is on watch
FUN is on watch
FRBK is on watch
UPS has support at $220