Bank stress test results are coming at the end of the month and whales are selling while selling is good...considering the sector is already bloated on fake numbers.
Meanwhile, after the shocking numbers from invincible WMT, today INTC and LLTC gave another meaning to what xTrends were telling you .... test of sub-600.
Like I said months ago, this will no longer be a credit problem after the epidemic spreads through the system. From small businesses to large international companies like INTC, IBM etc , they are all on the same bus down to El Paso.
Regarding S&P trading, like I said earlier today, we continue to congest between 800-850 until the bulk of the earnings are out. We tested the upper boundary with brief penetration towards 860 which cleaned out the stops. This occurred during the fake bank earnings, and it also helped to clean more shorts from the system. Now we shall test the lower boundary of the range on tech earnings which are overly estimated.
Staying short ES / SP from 850 area, roundly roundly it goes...
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