Context for a Rainy Day

Although there are certainly some relative strength standouts, today's session thus far has the look and feel of a rainy day for stocks, where bulls are simply looking to avoid getting drenched and want to the weather to clear up sooner than later. 

On the SPY (ETF for the S&P 500 Index) 10-minute chart, below, note yesterday morning's support level of roughly $241.30 acting as resistance into today's intraday bounce. We are looking to see whether that continues to be the case this afternoon, for it would perhaps give bears a bit more confidence headed into June to try to take the market down with banks and small caps helping to lead lower. 

Still, we know how resilient bulls have been, and assuming any type of top has been a perilous undertaking, even into the historically rough month of June. 

For those reasons, we will be highlighting some of the better actors today in my usual Midday Video for Members.