The markets closed slightly higher after the third day in a row of wide-range trading. The S&P and Dow closed below their respective 200-day simple moving averages for the second day in a row. The Nasdaq gapped higher on its open, then steadily gave back nearly all of its gains, though it still ended up for the day.
The markets are still waiting to see what is going to happen with Greece and China. On some positive news (though it may be short-lived), China introduced new market support measures, leading the Shanghai Composite to have its best day (up nearly 6%) in the last six years.
As we near the weekend, we will continue to closely watch how the U.S. markets continue to deal with the uncertainty surrounding Greece and China. So far, we just have not seen the bullish catalyst that we need to have the markets head higher with conviction.
Trade cautiously and think about letting trades come to you.
Have a great night,
The Maverick Trading Team
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