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The SPY is up against major resistance at $210. The bid is strong, but so is this resistance level. In light pre-holiday trading I don't believe we will breakout this week.
Look for early movement and dull trading after two hours. Make your money early and call it a day.
Memorial Day will suck the life out of the market next week and many traders will take extra time off.
The jobs report should come in below 200K and that will keep the Fed on the sidelines on June 15. That could be the catalyst that pushes us through this resistance level.
The market has been trapped in this trading range for two months. There is not a catalyst to push us in either direction so I'm not going to try and predict the wiggles and jiggles. I am just going to go with the flow and I will focus on day trading.
If we breakout and there is follow through buying – great. I will embrace the move once it has been able to hold for a week.
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Look for an early move and flat trading the rest of the day. We will see similar price action tomorrow and $210 should remain.
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