Technical Edge —
NYSE Breadth: 55% Upside Volume
Advance/Decline: 55% Advance
VIX: ~$17.50
When it comes to regular-hours trading, the ES had a 25-26 points range on Friday and Monday. Several sessions last week had a trading range of less than 32 points.
This tightening range should break — one way or the other — with MSFT and GOOGL reporting after the close today, as mega-cap tech has been driving the gains in the S&P this year.
I suppose, mixed results in the group could leave us stuck in a range but eventually we will get out of it. Until then, patience is key. We need to preserve capital and not let the death-by-1,000-cuts chop-trade get to us. Let’s go.
S&P 500 — ES
Upside Levels: 4161-65, 4175-80, 4200, 4217-25
Downside levels: 4135-4137 (three-day low + 21-day sma), 4115, 4095-4100
SPY
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