FOR WEDNESDAY: (5/31) We had one of those days when people aren’t quite back from vacation and now we move to the end of the month. Will we get end of the month profit-taking so they can buy it back up? We’re open to congestive action and a minor break into Sunday of next week but not sure it means that much unless S&P 2375 comes out–and not likely. One more day lower for gold and silver and then higher into Friday.
JUNE E-MINI S & P 500
S&P ANALYSIS FOR WEDNESDAY: (5/31) We’re counting on end of the month profit-taking to get to at least `2403 or 2400 with lower support at 2394. Hard to expect much more. There is a cycle overnight into 7 am that’s a bit supportive if the market gets good Asian news overnight and the market isn’t going lower so not sure we can expect anything big. We looked more closely into the end of the week and it’s very mixed but we’re starting to sense that S&P could pull back into Sunday night. NQ is continuing to remind us that this market is not done but NQ is a safer place to buy if you are friendly.
OVERALL: The minimum pattern completion came in at 2418 but it’s probably a minor 3rd-wave completion and pullbacks into Monday/Tuesday should hold 2403 or max 2394.50. NQ support is at 5766 with a new high possible to 5819 coming and eventually 5984 into mid-June. Currently daily chart pattern is to 2433 if NQ goes to 5984.
New weekly chart projections have suggested 2520 and we thought that might be next year but the way the market is telescoping we could see 2520 this year and then 2750 next year. Too early to think of that but we have to keep the big picture in mind.
WEEKLY CHART: New weekly chart projections have suggested 2520 and we thought that might be next year but the way the market is telescoping we could see 2520 this year and then 2750 next year. Too early to think of that but we have to keep the big picture in mind for you.
LONGER TERM: (5/26) If we see 2520 in June, then maybe only 2300 will come in with max. correction to 2150 into October. May not get the sell signal until June.
CYCLES OVERVIEW: Topping into early Wednesday; lower into Thursday; volatile Friday but probably lower into late Friday; lower into Sunday.
