Market Movement - Week4

The positive news is that within two days the S&P 500 (SPY chart below) bounced from its swing low and crossed above the recent swing high. We’re still butting up against resistance and while I think we could see higher movement on earnings this week, I think we’re overbought and due for a pullback.



While the market has had some powerful up days, the gains over the last five days have been limited to four out of the eleven S&p 500 sectors and largely from earnings and upgrades. It would be nice to see the broader market also participate.



Ok, Let’s see if we can find a trading candidate for today.