FOR THURSDAY: (6/21) Trade waiting on Friday OPEC meeting, and new highs on NQ cash mean that they will buy Amazon when everything else is starting to be in trouble. We’ll wait for the morning but the rule is not to sell after a sucker punch and new highs in a market, and NQ may bring SP up eventually. Gold and silver look lower on Thursday.
SEPT. E-MINI S & P 500
S & P ANALYSIS FOR THURSDAY: (6/21) The S & P didn’t really accelerate that much compared to NQ but we’re concerned that it’s holding up and will continue to throw a sucker punch. Key resistance is at 2784.50 and much above that and the market could reach 2794. We looked more closely at cycles and can see the market holding up, and we can’t ignore a 40-point recovery rally that had all the markings of a plunge protection team on it. Still, our seasonal work and larger work suggests a downside resolution but we’ll have to take one day at a time.
CYCLE SYNTHESIS: Recovering higher Thursday; lower into June 25.
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