Today the S&P 500 was taking a break and heading to the Hamptons for the long weekend (or maybe for the entire summer).
Is the market poised to absorb most negative news that’s already out there or what?
The Weekly chart looks to be bouncing although there are always fake-outs. For any newcomer that is new to charting just a note that each candlestick on the chart represents 1 WEEK of price movement so what happens on Tuesday when the market opens has no real effect on this chart until close on Friday.
The 50 and 70 Weekly Simple Moving averages are below the price supporting it and it looks like a trendline from last October is also still intact and providing some support and if this market has legs we might see 2-4% move to the upside until the Greek elections a month from now.
I had long SPY call options and upon wanting to add today my subconscious mind decided to liquidate. We shall see if its smarter than my brain and can feel something I’m not feeling or seeing.
Have a safe memorial weekend,