Stock Trading Recap 10-7-15 | Wednesday Video

The stock market is clearly seeing a shift in order flow.

Technology, energy and basic materials took a break today but are clearly finding buyers. Market momentum is strong but long-term order flow is neutral at best.

A break above the $200 level tomorrow in the SPY will cause a short-covering rally and bring new money to the market.

Today’s price action was important. The stock market paused but did not trade lower. Earnings season begins, which normally means a nice catalyst to get the market out of the funk.

I don’t think that’s the case right now, it’s clear we are waiting on the Fed.

Stock Trading Recap 10-7-15 | Wednesday Video

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Stock Trading Recap 10-7-15

End of Day S&P 500 Map 10.7.15

S&P 500 heat map looks mixed but a deeper look shows large-cap stocks green with only a few exceptions. This tells us limited distribution took place today implying a move higher after previous momentum.

Basic materials took a break today as did some tech stocks but the price action appears to be nothing more than a pause.

Stock Trading Recap 10-7-15

SPY End of Day Chart 10.7.15

Stock Trading Recap 10-7-15

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