FOR TUESDAY: (3/13) CPI is key here but market not likely to crash with new highs in NQ and likely to come in SP. Will watch the 2771 region for a place to be a buyer.
JUNE E-MINI S & P 500
TRADING RECOMMENDATION: Wait for morning comments.
S & P ANALYSIS FOR TUESDAY: (3/13) Our day-trade service sold the 2800 region and picked up some profits. Market stalled just above last week’s projection of 2802 and came off and looks like it’s doing a 4th wave to 2771, with a small chance for 2750. Patterns after that project 2870 and 2880. Given the projections on NQ, we can’t ignore them. We doubt that a bigger pullback will come but 2800-2802 is very key resistance, and the market may not blast through right away and the market has come very far very fast. As we pointed out in our Friday publication, the week of March 26 may have the best chance for a setback but we could be at 2880 or 2904 by then.
NEAR TERM: Computer models are projecting 2885. Our original cycle high was due for around June 1 and new highs on NQ confirm that SP will follow.
CYCLE SYNTHESIS: Retracing part of Tuesday; higher into Wednesday.
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