The video in this report is only accessible to members
The video in this report is only accessible to members
The video in this report is only accessible to members

Tuesday’s reversal happened according to plan, and S&P’s pullback back under Monday’s lows looks important and negative, which should result in a pullback to challenge/violate June lows.  Technology, Communication Services, and Consumer Discretionary underperformed sharply, with each group losing more than 2% on the day.  While Energy extended for its third straight day, this sector should be nearing trading resistance, and investors need to be prepared for a reversal into July.  Overall, I suspect that Tuesday’s sharp retail decline on NKE woes should be the technical catalyst for a move back to new lows.  Bounces into 7/4 holiday likely prove short-lived and result in weakness into 2nd, or 3rd week of July ahead of the FOMC meeting.   Specifically, 7/10 would equate to a 38.2% Time retracement of the prior rally from 3/2020 into 11/2021 for quite a few US indices and sectors that peaked.  Here was the intra-day chart which happened directly as Tuesday’s pullback.  This rally looks complete as of Tuesday.

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NY Composite Cycle looks to bottom in July and turn back higher

When plugging in the NY Composite prices to the Cycle Finder at Foundation for the Stud...

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