More Light Volume To Be Expected

I suspect that the holiday volume will persist into the week.

Anytime you have a week where there are only 3.5 trading sessions in total, you can expect that much of Wall Street will take the week off and enjoy an extended vacation. 

Not me, however, I live for this stufff, so when the market is open, I want to be there for it. 

And as has been been the trend of late, the market is gapping higher into the open for a fourth consecutive day. The only thing about the gap ups is that each one of them have given up all, or most of its gains before the close. With a low volume week ahead of us, and weakness in the Nasdaq continuing to weigh on the markets, I think we will see the same happen again today. 

Despite the inability of the Volatility Index (VIX) to hold its gains on a day-to-day basis, it is still, nonetheless, showing a slight trend at pushing higher. At one point, last week, the VIX was hovering above 15, though it was only temporarily.

Meanwhile, in line with the market trading near the all-time highs and the Dow actually establishing new all-time highs on Friday, the T2108 (% of stocks trading above their 40-day moving average) has performed its best since late April. 

Play it safe today, the market has given a lot of false hopes at the market open of late by selling off hard in the final hour of trading. I think that should be the assumption here unless the market can prove otherwise. 

There is also a declining channel on the SPY 5 min chart that has been solid for the bears over the past few days. Follow the upper channel for a change in the market. 

S&P 500 Technical Analysis

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