FOR FRIDAY: (6/23) Thinking that summer doldrums are hitting and that the market may crawl into the weekend. There is a volatile cycle but it may be felt more on Sunday. For now, markets are tiring but still some room for movement for lower gold and silver and a few other markets.
SEPT. E-MINI S & P 500
TRADING RECOMMENDATION: Wait for morning comments.
S&P ANALYSIS FOR FRIDAY: (6/23) We didn’t put any sell orders in but we thought the market would be a swing trade sale closer to a retest of 2440. We favor a break to 2409 into Sunday/Monday and next week is starting to look higher. At this point we will see if there’s a bounce and better entry close to 2435-36 in the morning to sell and not in a rush to play overnight. Next week looks friendlier than we had thought so we may only have Friday and Sunday to fall. Doubt that 2400 will come out.
OVERALL: We ran cycles through August and they are mixed. We are not thinking that the market will fall apart dramatically in July, but we doubt that there’s enough time and room for 2520 to come in this summer before things get complicated August-October. The market does seem like it will hold up into July 5, retrace into mid-July and probably hold up into July 25. Seeing lots of congestive action and it may not fall apart until after August 5.
CYCLES OVERVIEW: Lower into June 25; recovering into June 28-29; lower into June 30.
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