Aug 6 MMC (Morning Market Commentary)

SNDK down heavy post earnings - Back to macro focus

Aug 6 Market Commentary

.

Overnight markets are mixed to green-ish with 2 red prints across Asia, 1 across EU while SPY is up 1pt in pre-market action. We had SNDK post earnings yesterday, and it is down -9.9% after earnings. WDC also down a similar amount.

While many of the AI tickers are falling post these earnings, SPY Is forming a small corrective structure just above 770. This weak bounce after yesterday’s selling is leaning more towards the downside (unless we get impulsive buying off 770 soon).