| Summary:
We are expecting the Markets to begin with a bias
to increase as they open on Thursday.
HEADS
UP
From Monday: Expect a slow week in terns
of corporate events and economic data. However,
we should be expecting 1225 to the tested in the
S&P sometime soon.
Technical
Analysis
| Near Term Outlook |
The near term charts are telling us that
the Markets remain in their recent tight trading
channels and they show us that the Markets
are undulating between support and resistance
levels quite nicely. The near term charts
also show us that the markets have recently
tested levels of support, and this tells us
to expect the markets to begin the day Thursday
with a bias to increase and they tell us to
expect a test of resistance to occur next. |
| Mid Term Outlook |
The mid term charts are telling
us that up-channels are in place and they
suggest that the Markets have recently tested
levels of support. These charts therefore
are telling us to expect the markets to
trend higher from current levels until such
time as mid term resistance levels are tested
again. This of course assumes that
mid term support levels hold. |
| Long Term Outlook |
The longer term charts of the S&P, which
we prefer to watch as a determinate of longer
term resistance, is telling us that the Market
may be at risk of experiencing a sizeable
pullback at this time without officially testing
longer term resistance at 1224. If the
S&P breaks 1210 these charts tell us to
expect accelerated declines and it should
mark the beginning of a much more aggressive
pullback than those we have seen lately. |
| Market Links: Technical
Analysis for each Market. |
| NASDAQ |
SP 500 |
DOW JONES |
Summary:
The charts are telling us to expect the Markets
to begin the day with a bias to increase as they
open on Thursday and they tell us to expect the
tight trading channels that are in place at this
time to remain in tact, at least for now.
Further, these charts tell us to treat mid term
support levels as inflection on Thursday.
In fact, if mid term support levels break, these
charts warn us that sizeable declines could follow.
Also note that the longer term chart of the S&P
allows for declines to begin at any time without
official tests of longer term resistance.
Clearly, although the charts are telling us to
expect the tight trading channels to remain in
tact initially, these charts are warning us that
sizeable pullbacks could occur very soon.
Consider yourself warned. If mid term support
levels hold though, the tight trading channels
that have been in tact for the past few days should
remain in tact, and tests of near term resistance
levels should follow. In any case, the aforementioned
warning still holds: declines could come very
soon.
Click the market links above for details.
Traders
Psychology
Traders are being patient, but they seem to be
predominately bullish.
Economic
Reports
| Date |
ET |
Release |
Consensus |
| Date |
ET |
Release |
Consensus |
|
Jun 23 |
08:30 |
Initial
Claims |
330K |
|
Jun 23 |
10:00 |
Existing
Home Sales |
7.15M |
|
Jun 24 |
08:30 |
Durable
Orders |
1.0% |
|
Jun 24 |
10:00 |
New Home
Sales |
1325K |
|
Potential
Market Moving Events
| Start-Date |
Event |
| Jun 23 |
MCDTA
Guidance Announcement |
| Jun 23 |
MCK Investor
Day |
| Jun 23 |
MAT Analyst
Meeting |
|
Market
Timing/Trading Approach:
Please review the Market Analysis Links in the
top menu to retrieve our current Market Timing
recommendations.
The Day Trading Link will provide Market
Timing Recommendations for Day Trades.
The Swing Trading Link will provide Market
Timing Recommendations for Swing Trades.
The Long Term Trading Link will provide
Market Timing Recommendations for Long Term Trades.
The Stock-Specific Data Link will give
you trading plans for individual stocks irrespective
of Market Timing.
Day
Trading Results for the last session:
We issue accuracy ratings for the Day Trading
Parameters that we have provided for the NASDAQ
every day to evaluate if the Trading Parameters
that were offered for the previous session helped
us profit from day trades or not.
1 = accurate (The parameters helped us profit).
0 = Not accurate (The parameters did not help
us profit
Accuracy Rating for the last trading session:
0 = NOT Accurate
These were the Parameters from the last trading
session:
| Initial
intraday trading parameters
for the NASDAQ exist
between 2075 - 2096 |
| If 2075 breaks lower
expect 2055 |
| If
2096 breaks higher expect
2190 |
| Otherwise expect 2075
- 2096 to hold |
|
|
|
2096 was not a good Parameter for Wednesday's
session.
Review The chart of the Market for the trading
session referenced here, and compare it to the
Parameters (remember to apply the rules of trading)
to determine the accuracy of this analysis.
Good Trading,
Thomas H. Kee Jr. |
