Good morning,
Okay, just kidding. It’s definitely not that good of a morning.
Yesterday’s tariff announcement turned out to be market-moving to say the least, propelling the S&P 500, Nasdaq 100, and Russell 2000 to gap down to their lowest levels this year.
In lieu of the usual “other noteworthy charts” section at the bottom of today’s report, I’ve included some charts of the broader market and early action today.
Overall though, the advice rendered in Monday’s Playbook and Tuesday’s Trade Report remains the same: It’s too early to buy.
You don’t get bonus points for buying the day of the low and the new low divergences have officially been blown up with new cycle highs in the number of S&P 500 and Russell 2000 stocks making 52-week lows this morning.
Now, let’s get to the Hot List.
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