Market Timing-Whats Next -June 17th - Closing Report

 

IF I Snipped  OUT this SECTION from the DATA stream, it would have fitted today's activity much much better than the EKG shown below, but each day IT'S a VALUE judgement that I have to make deciding when to start and end the EKG graph, 

thus there will be some variances from time to time-Jay

June17th @ 8am

THE FUTURES ARE indicating a strong open, and that makes it unlikely to see another low today

The DIP shown above might come at 10am on the LEI & Consumer sentiment data

but that could just be a back kiss on the line formed at the 1269 range

Psych today calls for RELIEF from the last 2 days

Rally should run into Monday and part of Tuesday, the summer Solstice

A continuation of the EKG shows a LOW CLOSE OFF the Mi Day's highs
Which agrees with the POWER DATA, and I notice HELGE has the same for today,
BUT I tend not to expect such a dramatically lower close, but off the highs at close.

In other words, yesterday's low at 1258 might have been enuf for this wave--see the chart below

more later
Jay

 

If they run above 1274 to 1279, then we should probably use a higher level to work with

1292 - 1258 = 34 - ahhh fibo

+13 = 1271

+21 =1279

+27 =1285

OR

1345-1258=87

87x 38% =33

33+1258 = 1291

see Daneric's blog also

ANY set back off the 10am HIGH should occur 

258bars at 11;30am 

10am HIGH holding at 1279.59

could back off to the 1270 line