The last day of trading before a US holiday weekend is usually a day for the bulls to party. This one is set up no different, and here at 6:30 AM, the party organizers are setting up the tent, tables, and well stocked bar. The party goers are beginning to line up at 3785 on the ES, 24 hour S&P fuguetures. If they get past that, Party on Garth! Party on Wayne!
If they don’t clear that level, storm clouds are gathering in the west that could blow the whole thing down.
If they clear 3785, the next target is resistance around 3820-25. Then there’s a big resistance zone around 3840-60. That would be the top of a base pattern that could slinghot the market higher next week if they got through there.
But if those storm clouds send the would be partiers scurrying for shelter like the rats and roaches that they are, then we look toward 3745, as triangle pattern and trendline sport. Then we’ve got 3725, 3705, and 3690 as additional sport lines, before bears could really ram it home.
If you ask me, the market will close at 3776 today. Those market makers have a sense of humor you know. It’s also near the central tendency of the trading range since June 13.
Those are your levels to watch today. Meanwhile, Happy Froth. Be careful with those fireworks. You don’t want one to blow up in your hand.
To better understand the big picture right now so that you can take the correct action when the time is right, check out the following:
- Gold Nears Triggers That Would Signal Brutal Outlook June 29, 2022
- Stocks Are Even More “Dover Sole” Versus Liquidity June 28, 2022
- Bulls Have Hope This Week, Bears Wary of Pump June 27, 2022
- The Spike Is Here, So Here’s What to Expect June 26, 2022
- We Knew QT Would Be Devastating, But You Ain’t Seen Nothing Yet June 21, 2022
- Dealers Assume the Position, as 75 BPs Coming Wednesday June 13, 2022
- The US Economy, Including Jobs, Collapsed in May June 2, 2022
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