Futures headed towards 290's

26 jun 2020

A. After the huge dip recovery we see ES_F, holding 200MA on each dip.
B. We see the MA's converging and ES_F honouring the wedge real nice.
C. Markets trending sidelines and no real strength left.
D. Banking flushed after the news yesterday (fed-puts-restrictions-on-bank-dividends-after-test-finds-some-banks-could-be-stressed-in-pandemic)
E. Major segments taking an hit , one after the other.
F. Tech's holding the bullish trend.

What can we expect?
a. Break of 200MA and downtrend towards 61.8 (2939)
b. Consolidation at 290's levels.
c. Reclaim of 200MA before we see more flush.

29 jun 2020

Comentarios

A. As expected the Futures broke the trend and reclaimed 50th Percentile!!
B. Broke the 200MA with volume towards the downside.
C. RSI has not yet claimed the oversold territory.

What can we expect next?
a. An effort to reclaim the wedge (Bounce to 38.2th Percentile -> 3053's and not to forget the 200D MA resistance at 3031's)
b. BA and Technicals can run hard to push markets up. But overall we are in Bearish Markets.
c. If it fails to break the 200D MA, we can see a fall back to 2996 and choppy all week , Until it gets a direction. (Why? We don't have any major ER's except for MU and FDX)

News to Watch out for:
1. Pending home sales.
2. Manufacturing PMI for June.
3. Oil Imports and
4. Unemployment Rate for June.

All the best trading guys!!!