DailyPlay Updates – Thursday, Oct 5.

Investment Rationale

With yesterday’s bounce in equities lead by large cap tech, its easy to get sucked into the headlines and see this as a trading bottom. Let’s review where we stand on the charts. The S&P 500 remain below its key $4330 support level and maintains its bearish trend. While the QQQs have held its key $355 support level, but it needs to get above the $365 gap level for the current neutral trend to turn bullish. Our base case at the moment until these 2 resistance levels are broken is a neutral to bearish outlook, especially with 10-year yields @ 4.7%. As we review the DailyPlay portfolio, no positions are currently at a take profit or stop loss level, so we will not make any adjustments to the portfolio today.