FOR WEDNESDAY: (6/21) Stocks couldn’t handle tumbling crude oil prices and API prices after the close on Tuesday aren’t helping. Market is close to issuing a sell signal but it’s not yet verified by NQ futures or SP cash and we have seen the cavalry come to the rescue too many times to start roaring like a bear. Dollar completed a key number and needs to fall part now and metals are due for a bounce here but unless it is dramatic, new lows coming into Friday.
SEPT. E-MINI S & P 500
TRADING RECOMMENDATION: Wait for morning comments.
S&P ANALYSIS FOR WEDNESDAY: (6/21) We took a 5-point loss trying to buy on Tuesday and the push below 2437 is issuing a minor sell signal with a projection to 2433 and 2430.50. Taking out parabolic support on the daily chart at 2426.50 would be rather serious. Cash not confirming but wants to fill the 2333-34 gap area. Cycles are volatile but probably lower. Market may be a bit oversold and be up in the night session.
We have a Bradley Model turning point here and wondering if it will mean anything and at the same time NQ patterns have not confirmed and need to go to 5702.
Cycles seem more precarious as we move later in the week and into June 28. Still possible to fall to 2401 and make new highs to 2520. It’s too early to get wild bearish and it hasn’t worked well even with some chills and spills in places.
(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.)
CYCLES OVERVIEW: Lower June 21; lower into June 24.