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.
