Good Morning Traders!
The SPs fell back into a prior trading range, trapping bulls who bought late. Expect the SPs to trade back down to the 1960-62 level (middle of the range) and if support fails to come in here, eventually punch through the lower end of the range.
Markets often sell back down after the bulk of earning’s week is through. Additionally, small caps continue to be unusually weak while sentiment readings hit the upper end of their historical ranges (put call ratios, investor’s intelligence….).
The dollar index is breaking out from a prolonged weekly triangle. Nobody has been paying attention to this, but the daily chart is on an extended run.
Gold has a lovely Turtle Soup Buy and Silver made a distinct A B C corrective wave down on the daily charts.
Have a great day!
Markets in Breakout Mode: