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Assessment: Trading the last two days have been as exciting as it gets!! LOL! Sell in May and go away in full force…well, at least the “go away” part.
Volume yesterday in SPY was less than the lowest of the entire year and lower than any day in December, which is pretty impressive given volume is at its lowest levels around the holidays. Yesterday SPY traded 50M shares. Today SPY is trading 28M shares and we only have less than an hour and a half until close. So, barring some excitement, today would be the lowest volume day of the year and much of last year too.
Price movement is clear…no where. The past two days the price in SPY has held in just a $2.55 range. It works out to be a 0.62% range…with no sign of breaking.
The indices are down, the dollar is up and the VIX is up a little, but nothing to move the markets right. I hate patience, but very little to do right now. We are going to move one of these days and then we will get trending, but right now it’s a whole lot of nothing. The last two candles on the daily chart of SPY are comically small.
Good luck in your trades!