The market has been bullish going into the end of May. On Friday, though, the range narrowed as new highs were made. You could see the narrowness of the range by Friday’s intraday trading. It was difficult to trade on Friday.
I see no reason for the market to have a big reaction at this time. As the market has moved up, supply has not shown its hand. Although volume has been lighter on the rise, buyers remain in control.
We could see a brief pullback if the market reaches the 1925 to 1930 area during Monday’s trading. I wouldn’t expect a huge reaction—maybe down to 1910 area. Any dip to 1910 would offer a buy opportunity, should the market reach that level.
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