FOR THURSDAY: (7/13) Energy is still expansive for stocks and bad news out of Washington doesn’t seem to rattle the market, as greed knows no bounds. Still room to buy T-notes and sell metals with next key target into July 18. We still would like to see lower pattern come in on the dollar to 9510 but it doesn’t have to.
SEPT. E-MINI S & P 500
TRADING RECOMMENDATION: Wait for morning comments.
S&P ANALYSIS FOR THURSDAY: (7/13) The trade liked Janet’s outlook and the market does what it always does—goes up. We had talked about upper resistance at 2450 but we wonder if more is coming. Not in a rush to sell. Key support at 2440 overnight should hold. No risk/reward up here now but we’ll see where the market is in the morning. Can they take out 2450? Very likely eventually but my not happen right away.
WEEKLY CHART: We ran cycles through August and they are mixed. We are not thinking that the market will fall apart dramatically in July, but we doubt that there’s enough time and room for 2520 to come in this summer before things get complicated August-October. The market does seem like it will retrace into mid-July and probably hold up into July 25. Seeing lots of congestive action and it may not fall apart until after August 5.
CYCLES OVERVIEW: Higher Thursday; sideways Friday.
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