FOR FRIDAY: (6/29) Lots of reports and month-end position squaring onFriday. Many of the trends we have had in place look like they will continue into Tuesday of next week before the official July 4th holiday. In reality, many people will take all of next week off and many will disappear already on Friday. Stocks could be wild on Friday but not sure who wants to go home with anything.
SEPT. E-MINI S & P 500
TRADING RECOMMENDATION: Wait for morning comments.
S & P ANALYSIS FOR FRIDAY: (6/29) Indices finally confirmed the June top this week but markets don’t go straight down. Action since Wednesday’s wild day with the divergent low that held key support on NQ at 6950 is pointing to a larger correction back to the upside. It only needs to be 50 S & P points so stopping somewhere at 2743-8 on futures seems likely, followed by at least a push to 2655 very short term.
CYCLE SYNTHESIS: Sideways short-covering into Friday.
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