FOR THURSDAY: (5/31) Trade waiting on employment report. Stocks look higher into at least June 7; the dollar looks lower into Friday and gold higher and crude higher. T-notes look lower into next week. Always surprises with these reports so it’s always difficult to get too exposed before a report.
JUNE E-MINI S & P 500
TRADING RECOMMENDATION: Wait for morning comments.
S & P ANALYSIS FOR THURSDAY: (5/31) We had thought it would take until Thursday to reach up to 2724-27 but it already happened, and that makes the pattern more bullish. Support overnight at 2712.75 and 2707.50. Chances are it’s a buy. Resistance at 2735. Patterns are projecting 2785, and it could come in by June 7. We have to assume that 2676.50 was it and the market won’t look back.
CYCLE SYNTHESIS: Higher Thursday/Friday; generally higher into June 7.
