Weekend Report for Monday, June 23

PDF: Weekend Report_2024_06_23

VIDEO: https://youtu.be/uMwDthHg024

Bottom Line:

The bifurcated market action continues. The SPX and NDX had minor retracements into Friday’s print low. The DOW closed at multi-week highs and the RUT is in an increasingly mature Balance Area just on top of weekly lows.

Friday had a large option expiration and we’ll see any repercussions from that in Monday’s trade.

SPX

Upper KRA: 5505
Lower KRAs: 5405; 5327

NDX

Upper KRA: 19995
Lower KRAs: 19353;19212;18940

DOW

Upper KRA: 40112
Lower KRAs: 38778;38305

RUT

Upper KRA: 2088
Lower KRAs: 2035;1993

Internals

Internals continue to reflect a lack of broader breadth. There is no big take-away other than that from this perspective.

SPX Profile

There are a number of potential paths of development the SPX may take from here.

US 10-yr. Notes

Balance between pivots.

US Dollar

Chopfest.

Gold

Chopfest.

Crude

Short-term trend is up.