Last week provided a technical surprise as the SPX reversed course and broke out to all-time highs.
This breakout should negate the sideways pattern that had presented the prior week. The next wave higher appears to be a move toward 4307/4350.
We’re at the end of the quarter, so some volatility is not unexpected. We’re also approaching a holiday weekend with Monday off. This could lead to a volatile end of the week as traders look to extend the vacation weekend and shift trading activity towards M/W/Tues while cramming end-of-June and end-of-quarter trading activity in.
If the vacation theory is correct, trading volume could fall on Thursday and Friday, leading to more significant market moves.
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