Last trading day of June, and the opening print will be at Fridays closed. The trend during the last months where the SPY was stronger than the QQQ has reversed. Now the Nasdaq is at all its highs. The RUT still lagging but with a quick pop could reach new highs again.
We got good moves out of the market last week as they finished slightly down, but basically just moved sideways all week. This is great for the bulls looking to work off the overbought conditions and start the climb higher. Even the Russell 2000 looks poised for a run back to the highs.
This week will be a short trading week with light volume. A lot of traders are taking vacation this week so any moves in the market will be met with little resistance. Even though it is a short week we still have a lot of economic reports coming out which will keep trading interesting.
Right now there is nothing to signal the bears will gain control of this market. They would have to drop the S&P 500 below 1890 before making any real case against the bulls. We will use this week to begin entering trades now that the market is no longer overbought.