Review: Buyers Still Want to Own Stocks...(for now at least)
Monitoring the close of the markets on Friday is one of the best indicators of overall interest, especially when it coincides with the upcoming holiday, ie, the 4th of July.
If we examine the 60 minute chart of the S&P 500, we can discern that the pressure is to the upside, which is important given that the mkts will be closed for the next two days (the weekend). Moreover, it may also be some of the major players getting positioned ahead of the holiday week when volume is typically thinner and harder to conceal motive.
The second chart (S&P Monthly) outlines the potential scenarios that may come into play if the stock mkt continues to break previous all-time highs in a more significant manner or if it fails on any of its upcoming campaigns higher.
At the end of the day, the mkts could simply remain in a very large range which is essentially what has been playing out over the last year and a half.