FOR WEDNESDAY: (6/27) We’re concerned that the markets will turn into a ghost town the week of July 2-6 with the 4th falling on a Wednesday. May seem a lot like the week of Christmas with everyone traveling. That often leaves us with congestive patterns and no clues. Still enough volume for a few days but could thin into Friday. We’re open to a break in stocks on Wednesday but then wonder if we will get short-covering for a while and that seems to be the case.
SEPT. E-MINI S & P 500
S & P ANALYSIS FOR WEDNESDAY: (6/27) Market stayed below key resistance most of the day at 2728-35. Three waves up could go to 2743. NQ got briefly above 7100 but is starting to indicate a sucker punch so watch action here. No reason to push shorts overnight until we get more clues.
CYCLE SYNTHESIS: Generally lower into Wednesday; sideways short-covering into Thursday; Friday.
