FOR FRIDAY: (7/20) Markets were a bit crazy today but key numbers were reached on many fronts and reversals happened. We’ve been in a time window for topping action for stocks and bottoming action for metals, and it look like it happened.
SEPT. E-MINI S & P 500
S & P ANALYSIS FOR FRIDAY: (7/20) We had suggested selling 2813 and it missed by 1 tick in the morning and hit at 1:10 pm so you had a few chances to get in. Our day-trade service suggested selling 2812-13 also and its stop at 2813.75 never got hit. S & P held first support area. Friday is the best day for a bounce over the next week so we won’t rule out a secondary high to 2817 on futures. Some patterns had called for 2822 on cash, and cycles aren’t that negative on Friday but may be weaker overnight and in the early morning hours. Will stick with shorts and may add more if 2816-17 comes in on Friday. Market held first support at 2800 but next major support is down to 2788-89.
CYCLE SYNTHESIS: Lower into July 25.
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