Major indices are indicating a lower open following the long holiday weekend.
Given the broad-based technical damage of last week, it seems eyes will be focusing on whether the S&P500 (which, along with the Dow, formed a head and shoulders pattern) can now hold the 880 support level.
And, of course, with the second-quarter now in the history books, money managers will probably be a whole lot less interested in their propping games.
We previously mentioned that our concern level had risen in the past week or two – and that anything that we did would be very tiny. That sentiment has not changed. It seems a time for patience. There is nothing wrong with having some cash. And our primary stance is waiting for clearer signals and good opportunities.
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