“Equity indexes in the U.S. are nearing their April highs, levels which peg the top end of six-month ranges. Short-term indicators are overbought and in need of consolidation in the very least,” added Coe at Investors Intelligence. “Range-bound activity looks set to continue. In the meantime sitting on the fence is our preferred strategy until direction is more certain.”
The euro ETF was down nearly 1% on Wednesday in the aftermath of Moody’s downgrade of Portugal’s credit rating to “junk.” [Eurozone Debt Fears Hit ETFs]
SPDR S&P 500 ETF (NYSEArca: SPY)
