FOR MONDAY (6/19) Often the day after Quadruple witch is lower and cycles for Sunday night seem strongly lower if there’s some shocking news over the weekend. If not, stocks may take a few days to wander up to 2442-3 on the Sept. S & P and then fall. Not a lot of news next week and we wonder how soon summer vacation doldrums will hit the market.
SEPT. E-MINI S & P 500
S&P ANALYSIS FOR MONDAY: (6/19) Shorts were in profits and hopefully you took them as we moved stops down and the market did its typical end of the day levitation and stopped us out. Could anyone doubt it? Resistance is at 2443-4 if we get any positive surprises Sunday night/ Monday but patterns and cycles suggest a fall to 2420-22 the next few days. If the market congests between 2420-2445 until the end of June, we still could get a divergent high in July. If the market has a nothing day on Sunday night/Monday, then it could take until Tuesday to reach up to 2442-3 for the ideal sale.
We had based our analysis on NQ which fell in 5 waves and recovered in only 3 before starting lower but the failure to break this week’s low sets up congestion as outlined last night. Not wanting to throw in our bearish towel for late June just yet but we will need to see more than sideways congestion today and 2320 come out during the most bearish cycles into Sunday/Monday next week.
(Note: We have stopped hand-holding entries and guiding you too much intraday but our short entries from last night and the morning were in profits for a long time and we assume you know how to manage your profits and stops.)
CYCLES OVERVIEW: Generally lower into June 19-20.
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