With the market absorbing the #FED hike, we've seen that the three major indices are down at the start of the Thursday US trading by as much as a 100 points. The #DOW's low @21261 levels near its opening week's price levels (when it holds) for the session was not enough to push it further and started an initial price recovery from a corrective decline.
Which can encourage fresh re-entry for those who believe that the market is merely in a corrective phase. Watch for corrective price levels especially when the defined trend is still up. These are 'exceptional turns' where least expected both in Currencies & Equities with Secular Forces are still present.
The price range set is between the 21112 low while the high would be around the 21438 on both sides of the market direction. What is equally important is the closing price for the week and by the end of the 2nd quarter trading as the schedule of Russell rebalancing on the 23rd of June. Likewise, when triple witching hour occurs with stock options, stock index futures, and Futures options all mature at once. that translates into a market slew of price volatility.
With that said, the #NASDAQ would have to allow the Futures to align itself which has again been lagging behind. Making the market shift back for the #DOW to retake the lead with the #SP500 trailing on its tail.
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Slightly off our mark by $2.00 @21438, DOW's range levels currently @21436 and a high marked @21506 isn't bad as a price call
ReplyDeleteYES, INDEED...DOW @21510 record high, SP500 @2450 & NASDAQ @6226.
ReplyDeleteGlad to have shared this ride with those who believe and respected the market decline while shifting market strategy back where they belong! Your welcome and likewise thanks for the vote of confidence!