FOR WEDNESDAY: (6/20) We have the sense of the other shoe dropping and concerns about wild things happening and find it hard to put on positions overnight now. Will see what develops in the morning and take more stances here. Tuesday was a bit of a surprise day and still shaking off the dust.

SEPT. E-MINI S & P 500
S & P ANALYSIS FOR WEDNESDAY: (6/20) Kind of a sucker-punch day with the gap down and then no follow-through. We still have a bias for lower prices into Monday. Possible that a 3-wave bounce may be happening here to 2780 but still should retrace first the rally from 2735 to 2780. We have moved stops down and will be patient for the next shoe to drop.
OVERALL: Clearer sell signal if cash can take out 2730 and that didn’t happen with a cash low only to 2743. Cash resistance at 2771. Cash above 2776 would mean that we’re wrong but for now the market is neatly hugging and retracing to down-trending channel resistance.
CYCLE SYNTHESIS: Generally lower into Friday; lower into June 25.

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