The S&P 500 ETF SPY (NYSEARA:SPY) has been up huge this year. Today was the first day in a while we had trade news and the market didn't react positively.

Good News Bad Action

When you see the market or a major ETF like SPY not go up on good news you have a hint of "negative action."

Action is a trader's signal what the market does versus what you'd expect. When the market does something other than what you'd expect you have a cue that there may be another unidentified offset.

That offset could be simply traders setting up to sell the news. There are of course other fundamental issues out there like a slowing macro, due in part to the trade war.

Sell The Trade News?

Since the SPY ETF is already up huge and is looking peaky, we may be about to see a sell the news event if a trade deal is struck.  The worst case would be if no trade deal is struck yet traders have been gearing up to sell the "good" news. If there was no "good" news that could cause a more acute impact to markets.