“While this ‘median market’ doesn’t look ‘too anything,’ in our opinion, to be sold on its own, trading action will likely remain choppy in the near term, and may again require a retest of the Aril 23 intra-day and closing lows, due to today’s payroll numbers and upcoming French and Greece elections that could unseat those who have already embraced austerity,” Stovall added.
SPDR S&P 500 (NYSEArca: SPY) has gained about 10% year to date.
For more information on the broad market, visit our S&P 500 category.
Max Chen contributed to this article.
Full disclosure: Tom Lydon’s clients own SPY.