Outside Day….Prior to a Big Event
Today the S&P 500 made a lower low and a higher high and a all-time high. This is significant coming two days before the Big Event of the month, Friday’s employment numbers. Will the employment numbers confirm the auto sales momentum for May that we saw released yesterday, or were those sales numbers just a catch-up to snow delayed sales and high inventories?
So all of this is coming together, tight daily ranges, a low volatility index, an outside day on Monday also, and then an inside day yesterday, a technical implosion point. Plus we have the ECB tomorrow. This is why I rarely go to the movies.