FOR THURSDAY: (7/19) Not sure we learned much on Wednesday and not seeing anything dire on the horizon for Friday, so the Powell breakouts for the dollar and stocks could continue without some shocking news. More likely to get reversal energy by Sunday. Vulnerable surprises are potential out there, with some cycles but probably less so for Friday.
SEPT. E-MINI S & P 500
TRADING RECOMMENDATION: Wait for morning comments.
S & P ANALYSIS FOR TUESDAY: (7/19) The market held key support and made new highs on the day, leaving the 2719.50 a stone’s throw away. Upper cash resistance at 2732 so it will be hard to top-pick futures but we’ll watch for a key reversal. The stock indices are getting toppy and NQ seems particularly vulnerable but 100-point swings in that market on a daily basis have turned into the norm. NQ cycles will turn rather sickly and vulnerable July 18-August 3 and they may lead the rest of the market lower.
CYCLE SYNTHESIS: Generally higher into July 19; lower into July 25.
Comments are closed.