I write this after market close on Thursday.
SPY has had a mild fade back to the March 1 highs and bounced in intraday trading to close down 0.88%.
SPDR’s S&P 500 Trust Series ETF (SPY) daily
Higher volatility might be due to Q2 ending and a long holiday weekend (markets close early Monday and closed Tuesday for July 4th).
Tomorrow (Friday) will be interesting. We will see if SPY 240 can hold. If not, we are surely going to 237. No big deal. Markets correct and rotate. This is a good thing.
PowerShares QQQ Trust Ser 1 ETF (QQQ) daily
]Price appears to be on a mean reversion trek down into intermediate support. Normal price action so far.
Not a good idea to initiate trades on Friday due to price action, Q2 ending and long weekend.
Continue to hold all open positions.
If there are worthy price events from Friday’s price action I will let you know. Otherwise, I will certainly blast out any trade alerts.
It’s a long weekend so if you have any questions, comments or chart analysis requests I have some time to respond.
Have a happy 4th of July,
Don Roth