# The SPX made new highs Friday as a vicious rotation out of technology fueled bids for financial and energy stocks. The SPX appears to have almost finished a "running B-Wave" correction from 6/2 into late Friday. We are looking for a run to new highs by the Fed rate hike announcement on Wednesday. We are close to our SPX 2450 target for June and are expecting a 5-10% correction in the SPX from June to July, perhaps after the June rate hike this week. We are seeing cracks in our market "wall of worry".
# Gold tested $1300 on Tuesday and pulled back correctively into the 6/9 Full Moon Timing Window on Friday, but the bounce attempt in the PM sector was weak. Gold and silver are being pressured down into the 6/14 rate hike decision. The big rally in the GDX/GLD ratio on 6/6 is a bullish signal for the PM complex. A daily close above $1308 for gold will be very bullish.
# Silver pulled back correctively into the Full Moon. We're looking for a big reversal higher by 6/14 (Turn Window).
# Crude oil reversed higher on Friday and the oil stocks benefitted from the rotation out of tech.
# Bonds rallied in 5-waves on the hourly chart into 6/6 and then may have finished an EW a-b-c correction into early Friday.
# The USD did bounce Thursday from an oversold technical condition. We may have finished an EW a-b-c correction around noon on Friday....