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Assessment: We are getting some action in the market, but it is more for scalpers than day or swing traders. We get a move down and the a move right back up….going up and down, but really nowhere in the end. Eventually a break one way or the other is coming, but it has seemed like an eternity.
The 50 day simple moving average is approaching SPY’s current price. The question will be what it does when it gets there. Something to keep an eye on.
Inflation is a problem and you would think that would give traders concerns since all traders were banking on low inflation so the Fed could start cutting this year. Persistent inflation is “no bueno” to this market. We are just not seeing the effects yet…perhaps traders are just being stubborn!
Good luck in your trades!