It is because earnings season is over, and there isn’t any spark that should get SPY above that 417.5 resistance level, probably not until September. But inflation is improving, earnings overall were decent (at least better than expected) and the economy remains strong so it looks like we may avoid a recession, and that should keep SPY from cratering (at least for the moment, I do think there is more downside risk here). All of that equals chop to me, I don’t even need to look at a chart to construct that story.

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