Watching and Waiting

No major changes to the risk table today. We continue to look for higher prices into the end of the month and for the first few days next month.

Outlook:

The SPY followed through yesterday while the QQQQ remains stuck below resistance. We continue to look for meaningful follow through. That said, the market's near term trend is up and pullbacks should be buying opportunities until the SPY tags overhead resistance at its 50-week average.

*Stick to inflationary sectors such as oil and metals.