FOR THURSDAY: (6/1) First-of-the-month action if usually a buy for fund managers but in June they have to be a bit cautious given prices at S&P 2400. Still, we think 2520 could come in early summer before this market corrects into October. Wondering how much sideways congestion will happen or if no one really cares about the employment report for a market that goes straight up.
JUNE E-MINI S & P 500
S&P ANALYSIS FOR THURSDAY: (6/1) We took partial profits on shorts all the way down and the market never broke hard and projects 2423.50 now for the next move up. Doubt that the lower target of 2394 will come in. Still not sure they will do much before employment report. The optimism cycles may trump anything else although we had a bit of a bias toward weaker action into Sunday if wild news events come in. The extended target today on NQ is up to 5839 and people are still willing to buy Amazon over 1000.
In looking at cycles into Friday, there may be too much optimism in the cycles to expect a 4th- wave pullback even and the market could just be extending and we may see 2433 by the end of the week. Usually the week of employment report we get a 30-point congestive range but not counting on it.
OVERALL: 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. If the market can not fall much the last few weeks of June, we’re open to the market holding up into mid-July.
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: Lower into Thursday; (very mixed cycles into the weekend); volatile Friday but probably lower into late Friday; lower into Sunday.
