Weekend Report for Monday, June 10

Bottom Line:

From last weekend’s Update:

While there are still some questions (when are there not) about the short term path of the market, Friday’s trade puts the probabilities on the side that that we will soon see new highs in the SPX and/or NDX.   

The SPX and NDX did indeed trade and close into new all-time highs.

However, the new highs in the SPX and NDX were unaccompanied by any other US index and the divergences among the indices are quite large.

If the rally in the SPX and NDX is to continue, there almost has to be some strength exhibited by the other indices. Otherwise it is likely we have seen at least a short-term top. 

PDF: Weekend Report_2024_06_10

VIDEO: https://youtu.be/wZ5YW-mO1lU

SPX

Upper KRA: 5376
Lower KRA: 5291

NDX

Upper KRA: 19112
Lower KRA: 18662

DOW

Upper KRA: 39123
Lower KRA: 38006

RUT

Upper KRA: 2064
Lower KRA: 2016

 New York Composite

Upper KRA: 18107
Lower KRA: 17781

SPX Profile 

It is almost certain the June auction is going to soon extend its range (distribution).

Internals

The 10-day MA of NYSE advancing issues dipped to a level from where significant rallies have begun over the past few years. But further rally is incongruent with the current number of divergences.

However, it is congruent with the idea that we are likely to soon see range expansion in the SPX.

US 10-yr Notes

Notes are in a long-term downtrend. 

US Dollar

The Dollar is mired in a choppy range, but continues to make lower lows and highs.. 

Gold 

No change: Gold made a double top last Monday. A test of 2283.40 looks likely.

Crude

Lower lows and highs.