Before the Open

Good morning. Happy Tuesday.
So after six weeks of grinding higher, the market finally cracked yesterday. Since the March low, dips have gotten bought and losing streaks were contained to two days. Odds now favor a move down – or at least the path of least resistance is now down. Whether the lows are revisited soon or the market simply gives back part of its 30% gains remains to be seen. We don’t make money predicting or figuring out what will happen. We make money trading in the direction the odds favor.
Here’s the daily SPX. There’s nothing fancy here. Just a rising wedge that got rejected by resistance and then sliced through support. I would not be long right now. If the market firms and moves up again, fine. You can always jump back in, but for now, I wouldn’t fight it.

That’s it for now. Don’t overanalyze things. We’ve had a nice run off the lows. We’ve had literally dozens of great upside breakouts. Many of our set ups moved 50-100%, but the party looks to be over.
headlines at Yahoo Finance
stocks to watch from MarketWatch
today’s upgrades/downgrades
this week’s earnings & economic releases