Pre-Open Look

As I stated in yesterday’s video, the markets have been trying to work through resistance (140- SPY) and they seem tired. The Nasdaq 100 has made a lower high and making a lower low below 46.50 would break the put that market back below the recent uptrend line and below the 5DMA. If the Qs cannot hold above 46.50 and SPY breaks below 138, I would interpret that as a reason to be more defensive.