FOR MONDAY: (6/4) Political and economic stresses make it hard to take positions home. We wonder when Deutsche Bank will bite the dust and really destroy Europe. In the meantime, stocks still look higher into next week so the short-term traders will continue to play.
JUNE E-MINI S & P 500
TRADING RECOMMENDATION: Wait for morning comments.
S & P ANALYSIS FOR MONDAY: (6/4) Friday’s rally wasn’t that impressive but we should see higher prices with NQ needing to go at least to 7239 if not 7250, and it should pull the S & P higher. Market looks higher on Monday barring any craziness in weekend politics. First resistance up to 2743 and then up to 2770. We can see the market holding up into at least Wednesday with Thursday being a transition day and Friday being lower. Unclear where to buy over the weekend but looks like 2722 will hold and be the best entry.
CYCLE SYNTHESIS: Generally higher into June 6-7.
