In the last several posts and videos, I mentioned the S&P 500 could reach 1923, which should act as resistance. Well, we hit that number and currently are hovering slightly above it. From a technical analysis perspective, we’re still within a margin of error, but the market needs to tip her hand pretty soon on the up or down side.
Right now, the light volume is simply allowing the market to float up like cloud. Since we’re still a little ways away from the increased volitility expected later this summer, now is not the time to be trying to pick a top. Let Mr. Market tell us what to do.
The gold market continues to struggle and Oil started to follow suit.
There should be some fireworks with interest rates this week as the ECB will be announcing their interest rate decision, and like always it’s a great excuse for the talking heads to hype the event and lead us all to believe that it matter what the ECB does. It doesn’t.
The video below gives a more in depth analysis of the markets I cover and should act as a guide to what to do next.