FOR FRIDAY: (5/11) Cycles peak on Friday and Sunday for many markets and this week’s movement should get retraced next week. Still potential but sometimes Fridays are congestive before the weekend.
JUNE E-MINI S & P 500
S & P ANALYSIS FOR FRIDAY: (5/11) We saw from the telescoping pattern that the market would not stop but we couldn’t get long without a huge risk and now we see 2742 for Friday. Support at 2709.50, and the market will need to take out 2700 to issue a sell signal. Still open to buying in the morning if we have a good risk/reward and there are no major events shaking the world. War cycles are always good for stocks so the Military Industrial complex is always happy with Middle East tensions.
CYCLE SYNTHESIS: Higher into May 11.
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