Charts from BullandBearWise.com, data for the period ending June 2/4. I overlaid the Initial Jobless Claims and S&P 500. Jobless Claims still haven’t broken the
readStandard & Poors 500 Index Click charts to enlarge A good chance SPX will be up tomorrow: it’s a long weekend so why spoil the
readAs usual there are several ways of drawing lines. Here’s what I’m seeing on SPY after today’s close — it may or may not bounce
readTypically, I use the number of stocks above their 50-day moving average, but this time it didn’t work as a short signal. I’m guessing that’s
readThe wedge completed, and seemed to resolve to the downside but only for a day. SPY is now moving up within an uptrending channel. Volume
read[[SPY]] Waiting for a move out of the triangle. I’m short, but not SPY. Click to enlarge
readNo comment… EPS this year [[SPY]] : -225.64% [[XLF]] : -1,888.64% Performance YTD [[SPY]] : -3.28% [[XLF]] : -11.77%
readR1 $85.88 S1 $83.50 R2 $86.69 S2 $81.93 Click to enlarge
readVery interesting video commentary on S&P, including potential targets for an imminent correction, monthly look at the chart and general market cycles. Length: 6min 53sec
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