$SPX: The Boring Truth

FX:SPX500   S&P 500 Index
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Recent price behavior has caused some to draw conclusions which are simply not true.

While ideas abound, no one knows what this puppy is going to do and I would urge all to simply ignore detailed trade recommendations; simply trade off price and, more importantly, direction of price. That’s it.

Much like in previous periods, we’re experiencing overlapping days suggesting market indecision. The recent rally is a perfect example; there was no a fundamental change, instead it was a retest of the area below a high made in overnight trading on May 12th.

It was a not trans-formative event and likely had little to do with the 50 DMA.

As is stands, the market is trading in a descending wedge , wrestling with a H&S and retracements appear to be occurring between recent lows and the high made on May 10th. Should it take this out this high, perhaps it would use the recent low and the high of $SPX             high of 2011.

I’ll end by saying sooner or later we will see a decisive break, likely in response to 2Q earnings . In the meantime, my sentiments are somewhat bearish .
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