Market Analysis and Trades for 6/18
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The weekly post for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. Link to Market Analysis for The Week Ahead
Yesterday ES tested the last reasonable line in the sand before new all-time highs, 6105-6113. It did so on a short covering rally which left the structure susceptible to a break down today. While yesterday looked like a higher high on a non-back adjusted chart, it was effectively top of range and lower high on SPX/SPY. Because of the location (6105-6113) and character of the profile, this implied a move to the 6030s in the absence of direct upside continuation. Today’s low was 6030.25
Was this just a shakeout ahead of FOMC or is there more downside ahead?
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