Bulls Remain In Control Despite Sleepy Start To Week
Its been a sleepy start to the week as major US indices trade around flat on the day in a lackluster session. We’re not getting immediate follow off of Friday’s breakout higher, but at the same time, we’re not doing a whole lot wrong to discourage the bull case.
In our morning note to subscribers, we made mention of the breakout level at $SPY 217 that we emerged from on Friday as a key momentum area, “line in the sand” to keep an eye on.
If we trade below there, back into our old 15 day range, that would be our first clue that the bulls may not be ready to grind us higher just yet.
But until that happens, it’s still a bull trend with some momentum.
Internals to start the week are skewed in the bulls favor when it comes to new highs and stocks advancing versus declining.
Good luck out there and try not to over-trade this dull environment.
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