Daily chart of $ES.
Line in the sand next week (and upcoming weeks). Bears will say this is the perfect spot to short approaching 0.618 fib retracement. Bulls will say this is the perfect spot for a ATH breakout.
Historic traders will say double June/July red months will have August extremely red.
US Margin Debt for this month's YoY % went down from 53.7% to 49%
I still expect debt to unwind sometime this year. Mid-terms cycle suggest a downward fall into October/November, before the next bull cycle continues.
Until then, treat any pumps with caution, but also treat major sells to be continuous bought with enthusiasm (aka, chop).
$SPX $ES
Would be so stupid if we don't flush down to 7280's today. Keeping this in range will just chop the market until end of August.
FOMC (Today) - 7280
Thursday - Bounce back to 7400
Friday - Higher 7500
$SPY $QQQ
You have to keep a little bit of cash in a broker that allows for $SPX options to be purchased overnight/afterhours.
One of these weekends, we're going to get a big gap down on Sunday open and it'll ride up until Monday open.
$SPY $QQQ
Would be so stupid if we don't flush down to 7280's today. Keeping this in range will just chop the market until end of August.
FOMC (Today) - 7280
Thursday - Bounce back to 7400
Friday - Higher 7500
$SPY $QQQ