The June 6 low is now the intermediate term critical KRA (Key Reference Area / potential support) in the US indices. Closes below the June 6 low by all four of the primary trading indices is an intermediate term sell signal. The June 6 low is very important as discussed here, here, and here in previous public posts.
The Tuesday, June 11 low is also now important because it was accompanied by extreme negative breadth readings, yet price held well above the June 6 price lows. A close above the June 10 highs signals new highs should be seen in one or more of the indices prior to any significant downside retracement. A close above the June 10 highs will increase the level of importance of Tuesday’s (June 11) low, and a subsequent close below that level would require taking a close look at the market immediately following that event to see if the probabilities may have switched from bullish to bearish.
