There isn't any obvious positive news Tuesday morning, but there isn't anything overtly negative either and that has created a setup for a little short squeeze as well as some fear of missing out (FOMO).
The negative case for this market right now is very easy to make: trade issues, a slowing economy and precarious technical conditions. The one positive is friendly central banks, although if you want to predict disaster it is very easy to formulate a good argument.
Market players are looking for long exposure Tuesday morning and there is better than 2 to 1 positive breadth. A few things on my radar include Twitter (TWTR) , Zscaler (ZS) , Axsome Therapeutics (AXSM) , Enphase Energy (ENPH) and Qiwi plc (QIWI) .
Overall the market is holding key support right now at the 2800 level of the S&P 500. As long as that holds, then market players will be looking for long exposure. This is currently trading range action and that means we should be trading it rather than making big market direction calls.