The S&P added and additional +4.50 percent performance in 2nd Quarter as price broke out above the 1870 level. Other indexes had similar solid performance…The Bull remains healthy as investors continued to buy every pullback.
Key Support is solidly marked as 1938 – 40 zone, which corresponds with Fed Day (6/18) breakout. Price continues to consolidate above this level with key resistance zone now marked between 1950 – 55, with 1960 as excess high. Near-term expectation is for continued consolidation trade between these boundaries.
Overnight trade has approximately six-handle range (1948 – 1953.75) holding above Friday’s median level with a bullish skew.
Scenario 1: IF price can penetrate ONH 1953.75 and convert, THEN upside projects 1955.50 – 1956.75, followed by 1960.00 – 1962 zone.
Scenario 2: Failure to exceed PDH, suggests additional consolidation with 1946 – 48 zone as initial support, followed by 1942 – 44 zone., Extreme low is marked between 1933 – 1936 zone.
Trade Strategy: We will continue to anticipate two-sided trade action between highlighted boundaries as second quarter comes to an end with a shortened Fourth of July Holiday week.
Focus on the Trading Process…Not the Outcome ALWAYS USE STOPS!
I am disciplined. I behave in a way to reach my goals. I do what I intend to do. I have the intent to win through right actions. I will be patient for patterns to emerge and mature. I am decisive. I decide easily and act promptly. I act in the right way and right on time. When there is nothing to be done, I will wait.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS