This market reminds me of the lyrics from an old favorite of mine; “I get knocked down, But I get up again”… It really sums up this current market.
Stocks started today under selling pressure as the S&P 500 ($SPY) fell around 0.25 percent in the first few hours of trading. I want to see if the buyers step in and try to push the index above its prior close. If we do follow through to the upside on the close, the short-term trend downward for the S&P 500 ($SPY) and NASDAQ ($QQQ), which was so strong yesterday, would be reversed.
The bulls could be gathering some momentum into the weekend if in fact we have a strong close. I will be watching Energy ($XLE) and Utilities ($XLU) closely, they had some nice gains yesterday at 1+ percent, but are under pressure today.
I am prepared for the balance of today’s trade to be range bound and choppy.
Have a great trading day!
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