Market continues to be in sideways consolidation. We had a low volume spinning top like day, as the wicks were too small. This type of candle doesn't really hint at anything. Intra-day, current support on SPY is at 133, which has been tested thrice during last 4 trading days. The likelihood of it holding is decreasing with every test. Next support levels seem to be around 131.50, 130 and then 126.50. On the other side, next resistance level is at 134.80.QQQ reached new bull market highs a couple of days ago, probably because of the higher percentage weight of tech stocks like AAPL which is ripping higher post-earnings. QQQ's breakout was on anemic volume, so that really doesn't count.
Historically the longer market stays within the trading range, the bigger the move that follows. So, we need to be patient.
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