Morning Note 9.08.24

Is the Bottom in?

Current Market Conditions: 

1. How did the indices act yesterday? 

QQQ was leading, especially late on the day and finishing strong, that is what Bulls want to see, its still no time to go full Bull mode, as we are now right at resistance, that has rejected us repeatedly.

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2. What are the main trends right now?

• We are in a Bear market until proven otherwise

• The Rotation to Small Caps was a Trap

• The Rotation from Growth to Value is intact still

• Semis and Tech are getting sold aggressively

• Bonds are now inversely correlated with equities

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3. Whats the Current Risk Appetite in Markets?

   → Low to medium, as Breakouts are starting to hold up.

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4. What is my positioning, based on what I know about the markets:

Still 100% in Cash. But might try taking META, PLTR, ZETA or CWAN today with half the usual size.

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5. Daily Focus List

   MELI, CWAN, PLTR, PSN, UPST, META, ZETA, CAVA

(This list can be copied and pasted at once into a TradingView watchlist)

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6. Setups In Scope:

CWAN - Anatomy of a Bullflag

Apart from the exceptional relative strength, CWAN has consolidated its gains and found support, can it push of from here?

It triggers an entry for me at 23.40.

However I need the entire market to play along with me, if QQQ is not leading today, I wont take any long position.

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