The S&P500 SPY ETF is trading higher this morning, as investors await the opening bell. Futures are fading at the moment, just below the highs set in the pre-market session. The weekend video from last week discusses what we expected going into July seasonality. Congrats, bulls are winning.
In the weekend video, we discussed the 4-week range which price action needs to move above. MACD is rising above its signal line, so the bulls will retain control to start the week.
As SPY moves higher, note the lack of supply overhead. Volume by Price (VBP) histogram, on the left side of the chart, is tapering as price action nears the February tipping point. Look for (stops) shorts to get squeezed.
The best scenario for the bulls would be for price action to close at session highs, on above-average volume.
The Nasdaq-100 (NDX) and (QQQ) appear to be holding up the best.
Review the section on the indices this morning if you have time, otherwise, we’ll focus on the points made early this morning during the LIVE broadcast.
We’ll sell some of the banks that we decided to swing. Take some shares of GS, JPM, and MS off early this morning, then reassess after the opening range. (day trades).
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