Don’t Expect A Big Rally This Summer

The technical and fundamental landscape is bearish and it won't change anytime soon

PRE-OPEN MARKET COMMENTS WEDNESDAY – The market trend is down and we were reminded of that yesterday. The nice bounce Friday looked like it might gain traction on the open Tuesday and the opening gap up soured quickly. After an hour of trading it was apparent that a gap reversal was taking place. Stocks retreated the entire day and the gains from Friday were erased. The SPY is back below horizontal support at $387.50 and we are likely to test the low of the year in July.

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