Will Thursday's news spook this rally?
The market continues to move higher, SPX closed at another record high yesterday of 1973.32. The march towards the upward target of 2000 continues; as seen in the SPX chart below:
SPX 6 Month Chart
Volume is very light in this shortened trading week, and tomorrow brings some economic news that could shake things up:
8:30 am Non Farms Payroll
8:30 am International Trade
8:30 am ECB Press Conference regarding interest rate decision
1:00 pm Early close for Fourth of July Holiday
As long as SPX remains within the entry guidelines, I do plan to enter the weekly Iron Condor test position (Paper Money) for the July 2 cycle. If the news causes SPX to move a one day standard deviation in either direction and does not settle down before the close, I will not enter this position. This "test kitchen" strategy has now been traded for four weeks, all with positive results. I do not, however, recommend trading it live until the risk:reward improves and we can receive a more acceptable credit.
I will post entry details when the position is opened.
As always, stay keen on your risk management and trade carefully,