The S&P 500's established a trading range between ~3,636 and ~3,945. While the tone of this Update isn't all that optimistic, we do continue to believe the S&P 500 will somehow trade back toward its 100-day simple moving average here in July. Perhaps we're being stubborn and our opinion reflects our bias, but there is just something about how negative and sour the mood is at the moment. It's almost as if collective sentiment believes stocks can't go up, not even for a few weeks...and that's usually when they find a way to go up for a few weeks.
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