We finally got the pullback that I've been looking to happen, and it's roughly a hundred points as I suspected. It should be ending soon (today?) and the move back up should follow, which I'm still not sure about seeing the 787.13 FP on the SPY into June 15th or so as that seems just too high. But it's there, and so far the market has been hitting the fake prints, so maybe we do see it get hit... who's knows for sure?
I just think it's asking a lot to get through this 7600 zone of mega resistance by that much. Sure, we can get a fast squeeze to 7700+, which I think we'll see, but 7900 is really pushing it, and I just can't see how it can do it in such a short amount of time left. Anyway, there's some new FP's out now, and they are downside one's. Here they are below...
The 692 FP on the SPY would be roughly 6940 SPX and a little higher on the ES, whereas the 7063 FP on the ES is simply the level it is. Keep in mind that by the time the low comes in (mid-July?) the ES will be on the new September contract, so 7063 on it could be 7000-7020 on the SPX, and that's close to the 6940 estimate from the 692 FP on the SPY. As you can see this is all lining up for a nasty drop into mid-July and these new FP's are the likely target. As for the 600.14 FP on the SPY, I don't see it happening anytime soon.
I'm just putting it on the back burner and will revisit it once we get to a period where I think it's possible to get hit. For now I think we'll see the new FP's hit into mid-July and then rip higher again into September where a retest of the all time high is possible, and likely. Maybe they save the 787.13 FP on the SPY for that period? From there another pullback, but not like the coming one, and then a year end rally. I'm thinking that the coming drop into mid-July will be the low for the rest of the year and we'll go up hard afterwards.
Have a great weekend.
