Even though the market has been broadly making higher highs and higher lows since the June 4th bottom on the indices, we are still getting those summertime blues of grinding price action. In particular, today’s session is particularly irritating due to all of those promising charts who are fizzling out like s spoiled, overpaid professional athlete giving a “piss-poor effort,” as my high school football coach used to say.
Despite the malaise, the S&P 500 and the Nasdaq are coming into key levels here that have yet to break (1335 and 2,900, respectively). Intraday, you can see on the 5-minute SPY chart below that from this morning’s failed move higher can an aggressive reversal lower.
Summertime blues, indeed. Until the market finds a cure…