FOR FRIDAY: (6/1) Trade waiting on employment report. Stocks look friendly into at least June 7; the dollar looks lower into Friday and gold higher and crude higher for Friday. T-notes look lower into next week. Always surprises with these reports so it’s always difficult to get too exposed before a report. We’re starting to see lower dollars all of next week and that will keep us out of shorting gold too early. One has to wonder if stocks can come back given background noise.
JUNE E-MINI S & P 500
TRADING RECOMMENDATION: Wait for morning comments.
S & P ANALYSIS FOR FRIDAY: (6/1) The market went a bit lower than 2707 today but closed at that level. Trade rumblings with China and NAFTA aren’t helpful but they change everyday as Trump’s the Art of Negotiating tactics takes over. Cycles are positive and if you’re willing to gamble on data on Friday, you will probably be rewarded to the long side. We’re open to cycle highs toward 2785 still into June 7 but we’re at a very tired place and some ugly news could suddenly put in the late spring top, so going for the final few points may be too much. The more bearish pattern would just allow another retest of 2742. Crude looks lower next week so we wonder if the higher target for the S & P is possible?
Swing traders should be buying 1x long ETF’s like SPY or other long vehicles if they don’t want to deal with volatility in futures.
CYCLE SYNTHESIS: Higher Friday; generally higher into June 7.
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