From the Desk of Kimmy Sokoloff

The indices are gapping lower, and I'm watching to see how $SPY handles its 21-day moving average at 413.10.

I mentioned in the live trading room yesterday that this market has been volatile, and until the debt ceiling gets resolved it could continue.

From the Desk of Kimmy Sokoloff

It was a nice morning and $SPY was trading in a one-point range.

But the clock struck noon and things slowed then rolled over.

From the Desk of Kimmy Sokoloff

The indices were pretty whippy yesterday.

I'd expect the same today until debt ceiling negotiations are completed.

From the Desk of Kimmy Sokoloff

The market was all over the place today.

Look, we're waiting for the debt ceiling negotiations to end before the market makes its next move.

That's the deal... or no deal.

From the Desk of Kimmy Sokoloff

We're still waiting on debt ceiling negotiations.

The indices pulled back on Friday.

From the Desk of Kimmy Sokoloff

The morning session turned into a consolidation after the recent breakout in $SPY.

Powell spoke at 11:00 a.m. ET, so stocks were in wait-and-see mode.

From the Desk of Kimmy Sokoloff

$SPY broke the February 2 highs, and we're almost at the 421.22 gap-fill.

Maybe we see that level today.

From the Desk of Kimmy Sokoloff

It was a wild day in the market.

We ran right to resistance on $SPY at 417.50 and moved a tad higher from there.

We came close to the February highs but didn't quite touch that level.

From the Desk of Kimmy Sokoloff

Yesterday we broke out of this sideways channel on $SPY, and this morning the market is gapping up.

We have near-term resistance at 417.50 or so, which was the May 1 high.

From the Desk of Kimmy Sokoloff

The market was full speed ahead, again, and we closed a gap above at $SPY 415.27.

SPY held support at 410 like a charm.

From the Desk of Kimmy Sokoloff

Talks over the debt ceiling are still going on, and the futures are higher in hopes of an outcome.

The 410 area has been a solid support level for $SPY. We've broken below there for short periods, but we continue to hold it.

From the Desk of Kimmy Sokoloff

And, once again, this market is range-bound...

There are still opportunities out there, you just have to look for them.