We managed to make it through a yuge June opex without any fireworks, and SPY was up 50 cents or so after-hours Friday, which bodes well for Monday. We are in a Hindenburg Omen window (quantitative signs of market instability), and FWIW, there is a Bradley-model turn coming up on Tuesday.
|Bradley siderograph 2017, from http://www.amanita.at|
I'd like to see us get up to the 2455 level on the S&P 500 and reverse intraday on Tuesday. The first bounce would be minor channel support back at 2322. We will then need to break that support before we can head lower to test the channel support for the entire 2009 (year) rally. If the larger pattern plays out this year, key highs will be at Fed meetings, as they continue to hike their interest rate targets and drain the swamp.
|SPX 2017 selloff|