Because the 4th of July holiday falls on a Wednesday this week — and the 4th-of-July-Eve holiday apparently justifies a half-day for the markets on Tuesday — you can expect a couple things this week:
- Volume will likely be lower than average
- Volatility may be higher than average (on lower volume)
There’s actually a fair amount of economic data due to be released this week – including FOMC minutes. So there markets will have some things to digest. But many of the players will likely be out of the office until next week. So, while it’s bold to say, it’s possible this week is kind of a throw-away. It’s similar to the Christmas/New Year’s holidays in that many of the players have more-or-less positioned their books so they can be out of the office.
So don’t expect a breakout week. Futures are indicating a lower open on Monday, with the 100-day-moving-average looking like the support level — right about 2700 for the S&P500. If you’re looking for resistance, you’ll find the first major areas at 2750 and 2790.
Have a safe 4th of July — and remember: no forum call this week!
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