SPX continued its range-bound tendencies for the entire week last week, leaving the near-term cloudy with a chance of rampant inflation (99% chance, so buy extra umbrellas while they're still affordable). Accordingly, I've attempted to draw up the most "straightforward" (meaning: the market always reserves the right to morph into something more complex) of the near-term bull and bear options:
No change to the big picture:
In conclusion, I suspect we may finally get some near-term resolution in the next couple of sessions -- the market just has that feel to it right now. The two most apparent options are shown on the first chart -- but again, the market can turn into a more complex structure if it wants, so best to stay nimble. Trade safe.
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