MomentumOptionsTrading.com Morning Update for 6/2/14
June Could be Volatile
The market was closed last Monday for Memorial Day that left Wall Street facing a Tuesday open and a short-covering rally. The bulls have done well on Terrific Tuesday’s for much of the year and returned to form following a push to all-time highs.
Wednesday’s action produced another fresh high on the S&P 500 but the other major indexes struggled with prior resistance levels. The bears got the win by taking 3 of the 4 major indexes lower but it would be short-lived.
Thursday return to positive territory was led by the S&P 500′s continued run to the moon but resistance held for the most part. The small-caps acted bullish but the blue-chips and Tech lagged.
Friday’s action was sluggish for much of the session before a late day revival gave the bulls a split with the bears and a May victory. (continued…)