FOR FRIDAY: (6/16) Quadruple witch and end of the week exhaustion may create more quiet trading and leave us waiting for the new shoes to drop on Sunday/Monday. At this point we have to see how much more short-covering happens overnight and early Friday before taking anything home.
SEPT. E-MINI S & P 500
S&P ANALYSIS FOR FRIDAY: (6/16) We had noted that probably the night session lows would hold on Thursday and that was the case and as always, the market tends to gravitate higher. Starting to seem like another sucker punch, which could go to 2443 before turning lower. May be a big nothing day with option expiration. We again have a bias being short into Sunday night and Friday doesn’t look great either but it will be mixed enough that we may get out in the morning if the market can’t flush down hard.
(Note: We have stopped hand-holding entries and guiding you too much intraday but our short entries from last night and the morning were in profits for a long time and we assume you know how to manage your profits and stops.)
TECHNICALS AND CYCLES: We’re inclined to see lower prices into June 18-19-20 at the open. Did Goldman unleash Pandora’s box? Late June is usually not kind for stocks. Need a close below 2400 but with NQ leading, it should come.
CYCLES OVERVIEW: Congestive Friday; generally lower into June 19-20.
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