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

The near-term SPX pattern looks to be rolling over following Monday’s weakness, but it’s right to call the short-term pattern a near-term consolidation within an intermediate-term downtrend.  Overall, trends look likely to resolve lower into late July before stabilization and reversal back higher.  Near-term, wave structure makes the case that there could be a bit more churning over the next couple weeks, making for a choppy July.  Yet, the ultimate path of least resistance remains lower at present, and I expect June lows should be tested and taken out by a minor amount.  Moving below 3780 would be the first sign of one-month trend damage.  Additional levels that appear important are found at 3742, then 3636.  While the urge to buy dips remains strong for many, US benchmark indices still look to move lower and it’s right to be patient.

The video in this report is only accessible to members

China rollover likely extends in July before a bottom   

China’s efforts to stem another COVID-19 outbreak look to be directly coinciding with Chinese equities rolling over during Monday’s session.  The one-week closures of Macau casinos have caused severe weakness in stocks like LVS and WYNN. Weakness is spreading to many other casino names as well,...

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