Markets are bouncing a bit here after $SPY touched its 50MA. A quick scan of some of the recent devastation in tech land raises the question: Is tech ready to bounce from oversold levels? Especially the MoMo space has seen a brutal 5 to 6 weeks of nothing but selling which seems to amount to liquidation. Either markets bounce from here or they are in larger trouble than anyone is willing to acknowledge.
I’m a trading opportunist and closed some nice shorts today and grabbed some $SPY $IWM $QQQ calls for a bounce play. Examples of beaten down MoMo’s below: