The June (Joon) Swoon continues globally as China shares get battered overnight down 5.3% on fears of cash crunch in the banking sector, as well as ending of Fed’s QE policy.
US futures pre-market are down slightly below Friday’s low of 1570.50. The path of least resistance continues to be on the downside, so no reason to fight this momentum. There will be at some point a strong reversal bounce which is foolish to even try to predict, so be careful to those that have counter-trend trading tendencies.
PTG Methodology is designed to keep traders on the correct side of market action, so stay disciplined and all will be just fine.
Today’s levels line up like this: Violation of PDL suggest momentum pushing prices down further to 1558 – 62 zone with deep extensions 1540 – 50 zone. IF price can find some early stabilization from the selling and reverse the downside momentum, THEN upside retracements measure 1585 up through 1597…again, a very wide zone, as volatility dictates less precision in identifying turning points.
Remain disciplined and flexible.
I can recover from any setback. I have an attitude of abundance. I affirm abundance in the universe. I know I cannot begin to count the stars. I realize the ocean doesn’t care whether I go to it with a bucket or a teaspoon. I know the market provides a river of opportunities. I invest in my capabilities. I will be happy with my results.