The SPY surged higher at the open and held most of those gains until the end of the day setting a new record high. But the volume and volatility are light. Any negative news could buck the trend.
For now, inflation concerns are lowish and the job market is continuing to show signs of improvement. All signs are bullish as the market chops higher.
Meme stocks took a beating yesterday, GME fell $80 per share. Watching for rotation into crypto, OTCs, or small caps. I don’t see a dominant trend emerging for risk on behavior.
I’ll likely stay on the sidelines barring a perfect setup. Happy Friday!
OTC (on watch, no levels):
HTZGQ, GGII, ABML, ENZC, RECAF, MJWL, GOFF, DPLS