Market Analysis for The Week Ahead
Week of 6/15
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To start the week bulls were in full control, making higher highs and higher low above the key 5987.5 level. However, once the 6062.25-6066.25 weekly level was reached, weakness crept in. This was proposed as an area which could potentially trigger a significant pullback as it was structurally analogous to the NQ 21935-21969 range which had triggered a larger pullback the prior week. From the weekly plan:
Note the pullback on 6/5 from that area on NQ:
CPI on Wednesday wicked through the range, but the range capped the RTH high (6064.75)
It is worth noting that both NQ and ES pulled back to their 6/5 low on Thursday night into Friday. These are clearly critical areas to hold into next week. We now have a short time frame downtrend, but bulls remain in control on intermediate time frames. Thus, it is reasonable (for now) to assume that we trade lower in search of a daily or weekly higher low. We have escalating tensions in the Middle East and FOMC as major upcoming catalysts.
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