FOR FRIDAY: (6/15) We didn’t get dramatic reversals like we had expected except for the dollar and the euro, and new highs on NQ don’t bode well for this market. If China tariffs aren’t as bad as expected, the market could celebrate and do what it does best and buy Netflix and Amazon.
SEPT. E-MINI S & P 500
S & P ANALYSIS FOR FRIDAY: (6/15) New highs on NQ don’t bode well for a deeper break. Resistance at 2797.75 if the market is up, and that would open up 2810. If the market can’t break 2778 overnight, we’ll tighten stops. Despite having weaker cycles, we have to go with what the market is suggesting, and NQ has been leading. We have watched these topping dramas for years and the computers keep looking for way to make money buying so we’ll need more dire news. At this point if the Chinese sanctions and retaliations slated for Friday manifest, we may get our break.
CYCLE SYNTHESIS: Lower into Friday and Monday.
