*Please make sure you understand how to use the table above. The main purpose of this report is to provide information so contradictory signals are always presented.
*DTFMS = Dual Time Frame Momentum Strategy. The signal is given when both weekly and daily STO have the same buy/sell signals. Use it as a filter, don’t trade directly.
SEASONALITY: A LITTLE BIT BULLISH ON JUNE TRIPLE WITCHING WEEK
See 06/11 Market Recap for more details.
INTERMEDIATE-TERM: INITIAL REBOUND TARGET AROUND 1150 AND TIME TARGET AROUND 06/24
Has the market bottomed? All I can say now are: “very likely”. The major reason is we had a possible Double Bottom breakout today and according to my experiences the chart patterns are usually very reliable. So let’s assume that market has bottomed (Plus don’t forget all the bottom signals in the table above). The chart below shows all the possible time and price target based on the above assumption. I’ve annotated all the logics behind all those time and price target, should be clear enough.
SHORT-TERM: EXPECT A PULLBACK AS EARLY AS TOMORROW
For the short-term, I expect a pullback as early as tomorrow. See chart below, the NYMO is way too high (red dashed lines) which means most likely a red day the next day and not a small pullback.