It’s a ‘slow’ day today as compared to the past few days but that’s ok.
With Memorial day on Monday it could well be that we run into a slow tape tomorrow as well…i.e. the week may be over already today.
Today’s laggards include the tech sector…and hence the Appler.
We remain in the middle of that S&P 500 range of 1290 – 1340. Middle of the range are not high probability areas to take trades.
On the 30 minute chart we remain below the 50% retracement of the latest swing and as such the downside target of 1276 remains in tact until such time that we get above 1338.
I remain short a 1/3 position in SPY from yesterday.