FOR WEDNESDAY: (6/13) We looked closely at cycles on Wednesday and they seem firm and then more volatile on Thursday. New continuation highs on NQ should bring SP up so not expecting anything wild to the downside, and the divergent high seems likely. Other markets were too congestive to give us too many clues. While we have a bias toward lower dollars and higher gold, we have learned not to try to overpredict computer algos and surprises.
SEPT. E-MINI S & P 500
TRADING RECOMMENDATION: Wait for morning comments.
S & P ANALYSIS FOR WEDNESDAY: (6/13) Not sure we learned much on Tuesday but NQ made new highs and should pull the S & P up to 2802-4 and 2813.50. Sometimes they front-run the FOMC so you would have to get long tonight. ECB is more of a surprise and can create more volatility and cycles suggest that may be the case. SP would have to take out 2760 to seem more dire. Cash is projecting 2797 and 2803 so that would at least push futures up to 2802 and 2808. We would favor longs and front-runners will have to get long overnight.
CYCLE SYNTHESIS: Topping Wednesday; lower into Thursday and Friday and Monday.
Comments are closed.