Key Takeaways

  • S&P still grinding sideways, but this consolidation should break out to the upside into Friday’s CPI report and/or early next week before showing much resistance.
  • Energy technicals show a further push up before consolidation;  however, weakness likely does not prove to be as strong as initially expected, and Crude should hold $100.
  • Uranium stocks look like an attractive area to overweight on Biden’s plan.
The video in this report is only accessible to members
The video in this report is only accessible to members
US Equity markets continue to trade range-bound in the month of June, consolidating the rapid runup seen back in late May.  Hourly patterns still look to have an above-average chance of moving higher into next week to resolve this choppiness, and several attempts at pulling back look to have failed, most recently, Tuesday morning.  Overall, key areas of importance lie near SPX-4180-9 as resistance, while 4076 is now key support to monitor.  Movement over 4189 would lift SPX to 4220 or possibly more meaningful targeted resistance at 4285-4325.  At present, little lies between current levels and the upper boundary of this triangle, and I expect this should be tested and likely exceeded into this Friday’s all-important CPI report.  Bottom line, trends remain bullish unless 4076 is broken, a...

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