We could be in for some range bound days after the hetic first 4 months of the year. Everything outside the S&P is starting to find a range. Euro, USD/JPY, Gold, DAX and IBEX are all moving sideways. The S&P keeps punching new highs but is starting to look tired. The sell in May and go away might just take the sting out of the market. I am not expecting a big correction but the upside could becoming limited.

Today we have German  industrial production at 11.00am. Outside of that it could be very quiet. Market could stay in these ranges for some time if there is no big news. Value trades are at the edges of the range.

Levels are  Euro  1.3240  1.3060   USD/JPY 99.30  98.70  Gold 1485  1425  S&P 1622  1608