For the last couple weeks the market has once again been stuck in a range, with the SPY trading between 238 and 240. Tech has been the out-performer while retail has been a laggard. While the SPY did breakout above its March high it hasn’t gotten any traction.
Last week, the market broke out above the recent bull flag and held onto the gains for the most part. However, towards the end of the week a lot of names were fading, as seen by the sharp decline in the IWM, fades in AMZN (post ER) and the XLF and a small fade in GOOGL (post ER).