S&P 500: Still Autopilot
Thinking about 6150
The S&P 500 closed Friday down -0.33%, and futures are pointing toward a minor -0.18% decline into Monday’s open. That brings us closer to the short-term moving average, which has acted as a rising floor for this rally since late April. Another test of support is approaching.
July thus far has focused less on speculating where the top of this rally is, and more on maintaining a constant check on a handful of key levels and more importantly the risk off criteria. I maintain a bullish outlook and positioning— the recently extended sentiment and positioning have created good reason to watch for topping patterns and characteristics, but so far the core risk analysis remains quiet.