This week has been a bit of a headscratcher.

SPY started the week hitting a low of $508.50 on Monday.

Then the market picked up steam and shook off hot CPI and PPI reports, and SPY hit a high of $518+ premarket on Thursday.

We are seeing some weakness today in tech, plus the SPY is ex-dividend which is dragging it down artificially by $1.60.

February's been an interesting month, with strength shifting to energy and precious metals, which has been great for us since we've had GLD and Occidental Petroleum (OXY) in Power Plays.

As far as the broader action goes, we can use SPY $508 as support. If we hold above that, the bulls will stay in control.

And resistance is $518ish. The bears do not want us clearing and holding that.

The recent action shows us that it pays to focus on setups rather than trying to pick tops and recessions.

If you followed conventional wisdom, you would have thought the market would have fallen apart on the hot CPI and PPI reports.

But the price action proved otherwise.

So stay focused on finding opportunities, though keep in mind it feels like rallies are not sticking like they used to.

Be careful out there.

Now let's dig into our names:

SPDR Gold Trust (GLD) has really woken up this month, giving us two opportunities to trim. It's pulling back a bit and consolidating which is normal. I still see more upside ahead.

Occidental Petroleum (OXY) has been a nice slow winner for us and we took off half this week. As long as energy stays in play, this can lead.

Morgan Stanley (MS) has a nice tight pattern, but we're still waiting for it to wake up. Hopefully, it acts like gold - consolidates before surging higher.

Goldman Sachs (GS) is tight just like Morgan Stanley, even more so. If the banks stay strong, this should rebound nicely.

Apple (AAPL) looks ready to benefit from rotation within tech as it's lagged the hot AI names like NVDA and AMD. I expect it to hit all-time highs.

Amazon (AMZN): I added this Thursday as it seemed like it's going to follow Microsoft (MSFT) to surge back to the highs. So far it's not looking great today, so we'll keep a close eye on it.

Have a great weekend!

-Scott