FOR THURSDAY: (6/7) Stocks cycles are running out of time and energy. Often, the market will top out the first few weeks of June. Divergent high for NQ the next few days should be the beginning of the end for the summer so bears should start to salivate. For now, the bulls will stay in control a few more days. We have rollover coming for June currencies and stock indices and then congestion before the FOMC meeting next week so the easy trading may be just about over.
JUNE and SEPT. E-MINI S & P 500
TRADING RECOMMENDATION: Wait for morning comments.
S & P ANALYSIS FOR THURSDAY: (6/7) We took profits on all longs and we have to get ready to roll to Sept., which is trading 3.75 over. We’ll day trade June but swing trade September. Minimum target in on S & P but not on NQ, and it’s hard to top-pick. With rollover, sometimes profit-taking will come in. Extended target on SP is to 2813.50.
CYCLE SYNTHESIS: Generally higher into June 7; sideways June 8.
