FOR TUESDAY: (6/5) Overbought conditions could lead to a minor pullback for stocks. The dollar is also due for a bounce; bonds are at key support, and a 1-day bounce would be helpful. Not sure anything that happens on Tuesday will mean much except redressing oversold conditions.
JUNE E-MINI S & P 500
TRADING RECOMMENDATION: Wait for morning comments.
S & P ANALYSIS FOR TUESDAY: (6/5) Monday’s patterns and numbers still may be working, with resistance at 2753 and major support for pullbacks to 2736.50. Market could be more vulnerable to a minor setback if 2753 comes in overnight but until 2770 is complete, not sure we have to worry about a bigger correction. Probably a day-trade affair. May consider a swing buy at 2737 but will see what develops overnight.
CYCLE SYNTHESIS: Generally higher into June 6-7.
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