SPY Seeing Some Trouble
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S&P 500 presented fine intraday opportunity as per the game plan given to clients, and analogical one applies for PPI today too. I didn‘t favor chasing the initial spike higher, and subsequent price action offered better entry points.
Bonds were getting a much needed (however temporary, but still much needed) reprieve, and that lifted up Russell 2000, XLU and XLRE – even if fleetingly as yields returned to rising during the day (explaining sluggish simultaneous showing among the three tickers given).
Ever since Friday‘s SPY push higher was rejected Monday, the two main indices are trapped in a narrow range with a series of heavy test of supports, breaking below these, and then reversing upwards to make lower highs. Time of indecision and uncertainty, but meanwhile the dollar has the following implications called for clients ahead of time, and then publicized for you free readers and followers as well – markets are selective, and it shows as well amongst industrials.
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