It is pretty clear why the market is holding up here, the government is only going to accept TARP fund repayment after June 8...and the financials need to meet their expectations.
Overall, the market is making use of the long weekend to correct itself from overbought conditions. Which is positive as we approach the month end...typically we could see some window dressing activities soon.
The chart of SPY still looks pretty murky to me, perhaps there will be a trade once stochastics get above 20 with some volume. Frankly, I think the double bottom is too small...its just an "S" size. I prefer to see at least an "XL" before I commit some capital....lol
As for JPM, the game plan is more or less the same....except for some ambiguity on a lower high or a follow through above that resistance-trendline. The bulls will hold the fort at 34.
GDX is approaching a key resistance soon, time to get cautious with your trades. Im expecting some sort of sideways action or a pullback. If it gets above 42.82, the next target is 46.52.
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