S&P500 futures are slightly lower to start the holiday shortened week. Morning weakness in 2017, and almost every other year since the financial crisis, more often than not morphs into afternoon strength. It's safe to say it won't be any different today.
Volatility remains low, as evidenced by the terribly narrow trading action as of late. The market isn't moving much intra-day - a historic lack of movement.
The #SPX closed at a new high on Friday, but traded in a range of only 0.19%. You have to go back to Aug 1991 last time it did that.
— Ryan Detrick, CMT (@RyanDetrick) May 30, 2017
And despite all the fear mongering and headlines, the 'fear index' last week had a top five all time close. As in, it closed as one of the lowest levels ever.
Yet the more widely followed market pundits contend we are still just days away from the end of this 8+ year bull market. Days have turned into months, and months have turned into years, however years later we remain just days away from the end... if that makes any sense. The bearish commentary continues to be bullish for this market, a market that has defied every named reason to sell, even a possible impeachment.
The S&P500 has recovered all the losses from the Trump impeachment and has now risen 7 straight sessions. Will we see an 8th today?
The #SPX is up 7 days in a row. Hasn't made it to 8 in a row since July 2013.
— Ryan Detrick, CMT (@RyanDetrick) May 30, 2017
S&P500 futures:
Small caps have been lagging the move, however $IWM remains in a channel and looks poised to beak to new highs.
Small Caps:
and the leader to record highs has been tech.
YTD performance - Tech outperforms - Russell is the laggard -> pic.twitter.com/jYnXrJf3qj
— Option Millionaires (@OMillionaires) May 29, 2017
The market continues to march the the beat of its down drum. A drum that continues to beat to higher prices. And while there are a zillion reasons to sell, the price action continues to provide the only answer.