U.S. markets opened on a muted note following the long weekend.
Several major indices have slipped below their AVWAP anchored to the recent lows, suggesting a potential retest of those lows may be underway.
Momentum has faded since the brief post-tariff rally sparked by Trump’s announcement, but key support levels remain intact.
Notably, the U.S. indices found a floor at their 2021 highs—a level that continues to act as strong support. If that level breaks, we’ll reassess and adjust our positioning accordingly.
For now, though, it looks like we're entering a period of sideways chop.
