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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

N.B.
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
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* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...

Dots

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NOTABLE POSTS WITH IMPORTANT UPDATES...

Wednesday, May 30, 2018

S&P 500 Index: Poised for June Breakout?

* See UPDATE below...

In my last post on the S&P 500 Index (SPX), I mentioned 2750 as major resistance and 2680 as near-term support.

Since then, price has bounced around in between those levels, as shown on the daily chart below. At the moment, those two levels are confirmed by a variety of intersecting trendlines...most notably the two red horizontal lines (2748 and 2685), which are the nearest to these two levels.

Until we see a clean break and hold either above or below this red consolidation zone, the SPX will continue its sometimes extreme, volatile whipsaw action in a trendless manner.

It's unclear whether momentum favours a breakout to the upside, inasmuch as the last swing high on the momentum indicator was lower than its previous swing high, in a divergence with the last two swing highs made by the price. However, this may have been intentional and meant to be used as a possible "bear trap" in preparation for the resumption of the rally that began in early April.

Perhaps the month of June will produce either a decisive continuation and confirmation of this 2-month uptrend, or a reversal, which may become clearer after this Friday's employment data is released. Keep a close eye on the momentum indicator to support a "red zone" breakout in either direction.

Inasmuch as the July 4th Independence Day holiday is only a month away, I'd make a wild guess that market players will favour a breakout to the upside, possibly producing a new record high by then before taking some profits to enjoy for the summer holidays...so, we'll see.


* UPDATE June 1...

Two different political reactions to today's employment data...


Source: ZeroHedge.com

The market's reaction as at 2:00 pm ET...


And the Russell 2000 Index hit a new record high today...looks like markets are "buying USA"...