Last Thursday the market closed at SP 1314.50, today it closed at 1314.65. The upside/downside has been limited to 8pts both ways from resistance with no catalysts present. Unfortunately, even AAPL’s blow out report will likely have minimal impact as single stock earnings are not moving the broad market this Q.
Maybe a surprise will emerge from FOMC, or we’ll just have to hope for some end of the month window dressing. Still, this performance chasing would not bring in ‘long onlys’ to make for a true breakout, a decent pullback is what they are waiting for.
In this environment, it is probably best to lessen exposure if holding all month and concentrate on single stocks coming out with earnings going forward.