Yes, we had a rally today, but what sparked it? Was it the belief off selling in May and going away. Or was it all about the average at best ISM reading this morning. I am using today’s high, 1411.75 in the ES futures as a gage or get short.
I continue to think that we are in a trading range, 1335-1420 and until we get that breakout, we will trade sideways. After the bell, we got mixed results as TRIP, Tripadvisor raged higher, but Opentable, OPEN, and BRCM were both off. Taking away that today was the first day of the month, I see more headwinds and think we head lower this month and then get a huge summer rally. Have a great night traders.