The market is currently experiencing profit taking and caution is advised while the market is below the 5-day moving average.
πŸ“‰00:00 Market experienced a gap lower and continued lower, with sellers in control and potential for more profit taking after the Federal Reserve meeting.
πŸ“ˆ00:51 The market is in corrective mode, below a declining 5-day moving average, and caution is advised as long as we're below that level.
πŸ“ˆ02:13 Stock market rallied post Fed, but now below volume weighted average price, looking for support at prior levels.
πŸ“‰02:48 Market is showing no evidence of buyers gaining control, so be cautious and trade with less conviction and more share size.
πŸ“ˆ04:08 The Russell 2000 is expected to pull back and stabilize before moving higher, with potential for a bounce after closing the gap
πŸ“ˆ05:36 The 20-day moving average is rallying sharply and it's important to consider where we are in relation to the anchor from the high of 2024.
πŸ“ˆ07:01 Caution on biotechs due to market volatility.
πŸ“ˆ07:38 The market may test the 50-day moving average, advises against shorting strong uptrends in financial stocks, potential profit taking but overall buyers in control with rising moving averages.