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Consumer Confidence Drops$

After 2 months of improvement, consumer confidence index fell to 49.3 in June. In may the index stood at 54.8. Todays results were worse than expected. Prior to the number being released the market had an upward bias, but quickly retreated once the number came out. The SPY went from $92.90 to $91.92 within 30 minutes. Light volume and sideway action ruled for most of the day until there was a surge in the last hour , only to be sold into as the closing bell rang and the2nd quarter ended.  Ending what was the the largest percentage gain in one quarter in a decade.

However, with that being said, it still seems as though the market wants to digest these gains some more and possibly dip a bit further. The SPY closed today at $91.95 ,which is right above the daily 20MA at 91.88. Holding these levels will be crucial to where the market trades from here.  Remember that this is a holiday shortened week and the volume should decrease as the week progresses so we may not see any real significant moves until next week.

In the meantime, remain disciplined and always follow your plan!


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