Recap 6/29 – Tuesday, the S&P opened with a rally high, up 6 handles, in the first minute. From that high, the S&P declined 29 handles into a 9:45 AM low of the day. From that low, the S&P rallied 38 handles into a 10:03 AM high of the day. From that high, the S&P zig zagged 38 handles lower into a 12:29 PM low. From that low, the S&P rallied 31 handles into a 2:05 AM high. From that high, the S&P declined 20 handles into a 3:03 PM low. From that low, the S&P rallied 19 handles into a 3:30 PM high. From that high, the S&P declined 19 handles into a 3:53 PM low. From that low, the S&P bounced about 10 handles into the close.
6/29 – The major indices had a whipsaw mixed day to finish with the following closes: DJIA + 82.32; S&P 500 – 2.72; and the Nasdaq Composite - 3.65.
Looking Ahead & Review - Wednesday’s price action for the S&P was not constructive. At this writing, about 4:00 AM EDT, the S&P futures are down about 40 handles. Last chance for a low, that we will allow, is the first half hour on Thursday. If the S&P hasn’t turned by then, it’s time to cut losses. Next change in trend is due 7.01 AC.
The good news is that the Crude Oil trade worked very well on Wednesday. You were alerted that the September contract was approaching the $111 level, which is the .618 retracement level, from last week’s decline. In fact, the September Crude Oil rallied to a high of $111.14 before dropping about 4 –1/2 handles, which on the big contract is $4,500, in a few hours.
The Now Index has moved to the BUY ALERT ZONE. This is a cautionary indication of a moderate imbalance of too many shorts. It is not an outright buy signal.
(Stocks potentially respond to all events).
5. D. 6/28 AC – New Moon in Cancer Apogee. Major change in trend Financials, Grains, Precious Metals, Silver.
Stock market key dates
6/29 = 861 Music days > 2/19/2020 MAJOR HIGH.
Astro – 6/29, 7/1 AC.
Please see below the S&P 500 10 minute chart.
Support - 3744 Resistance – 3944.
Please see below the S&P 500 Daily chart.
Support - 3820 Resistance – 3945.
Please see below the June Planetary Index chart with S&P 500 10 minute bars for results.