Seeing a shift in how this tape is trading lately
Market has started to feel less directional compared to the last few sessions. Yesterday was a lot more straightforward, today it’s more mixed underneath with weaker follow-through on moves.
I’m seeing fewer clean extensions on SPY/QQQ moves and more intraday rejection at levels that were holding before. It’s not a full shift yet, but the behavior is definitely changing compared to last week.
What stood out more today is that defensive names, especially health care, are quietly holding up better on a relative basis while a lot of higher beta tech is starting to lag when the market moves intraday.
I took a small starter in ORCL, just 10 shares. Nothing sized, more like staying engaged while conditions are still unclear.
Overall exposure is around 20 percent, keeping risk light until the structure becomes more readable.
Still trying to figure out how much of this is just short term rotation vs something more structural. Curious how others are reading this kind of tape right now.