June 25, 2020

Market Update – June 25

SPX initial downside focus is 2888, which is 2 legs down from the June high and a well-defined horizontal level. Notice how price churned around the red line on this chart for most of June before turning sharply lower today.
June 16, 2020

Market Update – June 16th

I’m thinking that ES carries into 3110/37 before encountering stronger resistance for another leg lower. The zone is defined by the 61.8% retrace and underside of the line that crosses pivots (high and lows) since 2018 (red line).
June 12, 2020

Market Update – June 12

Finally something else besides ‘melt-up’. Index action in 2020 is basically straight up or straight down. Once the market picks a direction, it goes quickly in that direction without much of a counter reaction. In ES, pay attention to 2976 for a bounce. If it does bounce, then note 3065 for resistance. IF a larger reaction materializes (which would be a change) then 3137 should provide resistance.
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