..nothing to lose sleep over...

Despite a 1% down day with selling picking up late day,  we’re not seeing any conviction on either side. Buyers are simply taking a break / staying put and not chasing further, while shorts are not pressing positions.  

The idea heading into the trading week here was the Bulls had the advantage with no catalysts such as eco‘ data.  They’ve moved the market higher, but sooner than later this wears off and the Bulls need a catalyst of their own for further upside, especially after an almost 3% week heading into day.   The longer you pause as we‘ve done last few days, the more talk of not closing over 1100 circulates and patience runs thin for a few and some selling occurs.   It’s typical and it’s not a concern.  

The focus today is purely technical (eg close over 1100) and $USD.  Today, $USD had it’s biggest move since late Oct. closing at highs and market reacted with nothing else to rely on.  Tomorrow, USD reverses and we’ll still finish >2% SPX on the week, it would be a simple as that!.  In other words, today's action looks insignificant.