From the Desk of Kimmy Sokoloff

The market is jittery this morning as we await more economic data, more importantly inflation data.

In January, Fridays were very strong. In February, Fridays have overall traded higher but very lackluster.

From the Desk of Kimmy Sokoloff

This morning the market popped.

Then it faded most of the day until about 1:00 p.m. ET, when the rally started, right off of support.

$SPY dipped below 396.76, and then it bounced from there.

From the Desk of Kimmy Sokoloff

As I write this note, the only reason the market is up is because of $NVDA’s earnings.

We have GDP today, and that might change the tune. Hopefully, we continue to hold $SPY 400.

From the Desk of Kimmy Sokoloff

$SPY struggled all day to stay above the 400 level.

Now we have support at 396.76. If we break that, we can see 393.20.

From the Desk of Kimmy Sokoloff

We've got FOMC minutes coming today, so let's be on our toes.

We still run the risk that the $SPX can head down to 3,950.

From the Desk of Kimmy Sokoloff

The $SPX was down more than 1.5% today, but it was a slow and steady grind lower.

I didn't trade much today, as I want to wait for the right setup.

From the Desk of Kimmy Sokoloff

We're seeing a decent gap down into the $SPX 4,050 zone. If we break this, we can see 4,020.

We have support on $SPY at 402.65.

From the Desk of Kimmy Sokoloff

That was some sloppy action today, and the market is showing weakness.

Let's see if we level out next week.

Support on $SPY is 405, then 402.35. Resistance is at 408.

From the Desk of Kimmy Sokoloff

A complete  late-day sell-off...

As JC said, February is like a hangover from the last three months.

From the Desk of Kimmy Sokoloff

The $SPX was saved by its 21-day moving average around 4,080 and is now trying to hold above its eight-day moving average at 4,124.

Tomorrow is monthly options expiration, so we should see more volatility.

From the Desk of Kimmy Sokoloff

So, either the $VIX is broken or the market is.

The VIX was down more than 15% over the past few days, whereas the market isn't really moving.

From the Desk of Kimmy Sokoloff

So many names were running higher today, but $SPY just kind of stood still while $QQQ had lift off.

Stock selection is key.