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Assessment: It’s been a long time since I have seen a stretch in the markets where trading has been this dull for such an extended period. Even in the summer we get some bumps of action from time to time…even if it is a four day week as every Friday sees Christmas like volume in the markets.
The S&P 500 is parked essentially at all-time highs, but the bulls aren’t showing they are excited about it. Volume is well below average, and we have reached Easter season. Anytime there is a holiday, it is an excuse for traders to leave their desks for the week. The kids are out of school depending on whether their district gives off the week before Easter or the week after Easter. So, I do not expect much action this week or next week.
If these two weeks follow the usual pattern of holiday week trading, we will see very small movement, low volume and a bullish lean to the markets…potentially grinding higher by 1-2% over the course of this week and next.
I will be watching for some excitement, but it is about as exciting as watching paint dry right now!
Path Predictor (BTC): https://sblk.io/s/rxaOfbF9iqCGtA3
Bitcoin needs to make a new high otherwise we may have seen the top of this move. Without a new high we will be at risk of a lower high or “double top” which could see prices go lower. To me, the best looking technical picture for bulls would be consolidation at $50,000 and then another run higher.
Good luck in your trades!