FOR THURSDAY: (3/15) We have a bias toward a recovery for stocks the next few days but can’t rule out that the trade war concerns won’t create weakness overnight. T-notes are set to recover into Friday, as is gold. Trade starting to look ahead to the G20 meeting next week where trade wars and Bitcoin muzzling are likely to make this meeting more crucial than usual.
JUNE E-MINI S & P 500
TRADING RECOMMENDATION: Wait for morning comments.
S & P ANALYSIS FOR THURSDAY: (3/15) Market held 2750. We have a bias toward a recovery on Thursday but if we’re wrong, support at 2742 and 2735. Market needs to take out 2772 to turn charts back up. With the pullback to 2750, the 4th-wave triangle pattern between 2750-90 is probably going to work out and the market is probably a buy on Thursday. Open to seeing 2850 later in the month. Because we are now a week ahead of FOMC, a congestion between 2750-2802 is more likely than new highs right away.
NEAR TERM: Computer models are projecting 2870 and 2885. Our original cycle high was due for around June 1 and new highs on NQ confirm that SP will follow.
CYCLE SYNTHESIS: Recovering into Friday.
Comments are closed.