The markets are hovering around support this week, as the overall uptrend continues to hold. We did see all three majors climb off their lows into the close, but nothing overly bullish.
We didn’t have too much to move on today, in regards to economic reports, but we did see some unusual strength in the euro dollar. This move could have been caused by a few things, the largest of which is rumored to be a deal reached with Greece. Either way, the U.S. markets closed flat on the session.
We find ourselves at a higher support level of 2,100 in the S&P. The first few months have come with much volatility and very little net movement. We are starting to see some things move according to relative strength and weakness, but the markets can still be very reactionary and volatile from day to day.
Shorter-term traders could take advantage of aggressive corrections and/or bounces; however, longer-term trading (2-3 weeks), sideways to slightly bullish, continue to make the most sense. If these markets aren't conducive to your style of trading (or trading plan), then taking small or less positions is advisable.
Have a great night,
The Maverick Trading Team
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