SPY has been neutral and trading within a range between $532 and $536 since June 5. There is a red resistance line suppressing the price, and SPY needs to break above $535.71 to rally. We are observing very low buy volume over the past week. I think traders and investors are waiting for more data to come out this week. Today there is an important US Treasury auction that could affect the markets. While most investors have been waiting for the Fed pivot, the US Treasury has been quantitative easing and helping the markets rally. Tomorrow’s CPI data and FOMC will also help the markets find a direction.The CPI forecast suggests that inflation is still improving, but we’ll have to wait and see what the actual results are tomorrow. We’ve been dropping headed into FOMC, and I think we are likely to go on a post-FOMC rally.

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