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Assessment: We got some selling yesterday, and European markets took a good hit, by as much as 2.4% depending on the index. We are heading into a holiday weekend, and usually we would expect today and tomorrow to have low volume. If news breaks on the debt ceiling then obviously that will swing markets…however minor the new might be.
At the end of the day though, despite the breakout above $415 looking like a false breakout…the bulls head $410 once again. It’s a hell of a battle between $410 and $415…and we haven’t traded outside that range in a material way since March…and it’s almost June now!
Good luck in your trades!