Global Macro Monitor

Disappointing action after yesterday failed breakout in the S&P500.  It’s tough out there but the one trade that seems to be working this year is betting on gap fills in the S&P500.  Note, today the market thought about filling Monday morning’s opening gap up in the SPY but ran out of time as shorts had cover into the close.

Does the SPY gap down at tomorrow’s open and then spend the rest of the day filling the opening gap?   Stay tuned.

(click here if chart is not observable)