The SPY gapped down below the 21 ema this morning and is now trying to close back over it. The chop continues as oil and rates keep sending caution signals to market participants. Something will eventually give if we don’t get rates lower but for now you can feel the market wants to go higher on the ai trade but these rates might eventually get in its way. There isn’t much to say here we’re just in a very tight range and still slightly over the 50 day for now. Until we get out of this range, it will be a very tough market to trade. We either need to breakdown below 750 or breakout over 779.37 until either of those happen it is just no man’s land.
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