Stalling Rally or Consolidating for the Next Leg Higher?

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Our View

I don't think there is much to say we have not already said. It’s a quieter week vs. last week — when we had the Fed, the jobs report and 5 of the Magnificent 7 reporting earnings — and that’s being reflected in the price action. 

You do not need a Ph.D. to understand the markets. Take time to learn and develop a methodology that fits your personality. This is really important when it comes to being a successful trader over the long term. 

Yes, I have a longer-term view that the ES is going a lot higher before the end of the year, but with so many economic and negative geopolitics — along with the S&P finishing higher by 24% last year and knowing how volatile things could get — it's OK to cut back. 

In the MTS chat room today, I said that the 'public is concerned' and for many reasons. I just take it one day at a time, and it works better for me. 

Remember, there’s more Fed speak today, which means more headlines.