SPX holds the wedge bottom, closes above the 50d: $SPX held the wedge bottom today and closed marginally above the 50-day, and for those who prefer $US500 the pattern reads even cleaner. Small win but a win. If that 50d holds we might finally get a floor under this chop, lose it again and we're right back to square one.
Weekly SPX says chop till October, then watch the midterms: Weekly $SPX chart is just grinding in chop mode right now, and the read is we work back up toward 7600 into October before any real selloff shows up around the midterm elections. Tech-heavy books are lagging that grind in the meantime. It's a slow-burn thesis, not a this-week trade, but worth keeping on the radar if the next few months feel directionless.
$AMKR's earnings actually check out, guide's a wash: $AMKR's print was solid, revenue guidance came in just a touch below street but the margin guide blew way past it. Nets out net bullish on balance, not the disaster a headline miss might suggest. Full review's still coming but the knee-jerk read is don't panic-sell this guide.
Kospi leaning on the 9-month ema before the real test: Kospi's failing a retest of its old highs right now, but the read is the 9-month ema saves it today, at least for now. The bigger test is the 200-day ema underneath that, if the 9m doesn't hold, that's the next line in the sand.
Another ABI signal on the board: Another ABI distress signal fired today, keeping the run going. On its own it's not a reason to do anything differently, but it's one more data point saying this tape isn't as healthy as the headlines want you to believe.
Aggregated and distilled by Two Sentence Traders. Not financial advice.
