donderdag 8 juni 2017

Thursday Market Observations

# Just a corrective decline into Thursday would be short-term bullish for the SPX. The SPX blew off into the high-energy geo-cosmic 6/2-6/5 turn window, and we are consolidating into the 6/8 Congressional testimony from former FBI Director Comey. We expect a bounce higher by Friday's Full Moon. We are close to our SPX 2430 - 2450 target for June and are expecting a 5-10% correction in the SPX from June to July, perhaps after the June rate hike.
# Gold tested $1300 on Tuesday and is pulling back in an EW a-b-c correction into the 6/9 Full Moon Timing Window; this is bullish for a reversal higher. A daily close above $1308 for gold will be very bullish.
# Crude oil dropped hard after a larger than expected crude oil inventory, but we finished an EW 5-wave down pattern on the hourly chart.
# Bonds pulled back correctively and may see a bounce on Thursday.
# The USD made new lows for the move down from the start of 2017. We may be close to a bounce. The Dollar Index is due a yearly cycle low, but can't seem to rally impulsively....