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.
