The bulls have had the edge since Friday’s payroll report, rallying slightly on Friday and up a fraction today, despite the sell-off early on.
At this point, you can almost bank on the algos and HFT’s to buy the dip when the market sees, by its standards, a massive 2-3 point intraday drop on the S&P 500 (SPX). That’s just the way it is, and since Friday, the SPDRs S&P 500 (SPY) has been trading in a range gap-up range on the 30 minute chart which will define the future direction of the market, once it decides to break above or below that trading area.
For now, watch the long setups that I have listed below. There are plenty of opportunities to be had, if indeed, this market is serious about turning towards new all-time highs yet again.
Even if you are short this market, it is still good to have a one or two long positions in the portfolio, just for good measure.
