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Assessment: Traders are trickling back from the holiday break, but we may still be in “summer mode” for a few more weeks ☀️. Since COVID, there’s been a noticeable trend: summer markets tend to grind slowly higher, with real trading activity picking up from late August through October. After that, most traders seem to check out until January. The cycle continues—active markets from January to March, then another lull, some activity in late April, and back to summer mode. It’s as if traders have quietly agreed on a part-time schedule 🗓️.
Given that, the market is currently overbought… but that hasn’t mattered much lately. With low participation this time of year, any pullback might be minimal. So, it’s tough to justify buying here—the big moves already came from March to May. Now, we’re just grinding upward in low volume. Even major geopolitical developments like tensions with Iran barely moved the needle—these days, a jobs report seems to have the same impact as conflict in a critical oil zone 🤷.
So here we are. Let’s see what unfolds next. A new calculated pivot from the algorithm shows up at $606 on the chart. If we break that level, I’ll look to take a short position in SPY. Until then, I’m staying on the sidelines and holding tight 🛑📈
SPY Chart: https://sblk.io/s/gYxYiwuZIzhvTE2
Good luck in your trades!