1. Our recent Wed., May 21 update forecast that a confirmed breakout in the June S&P above $1885 would advance first to $1893/$95, then to all-time new highs. Our live Wed., May 21 (and later) Williams edge meetings forecast both $1902/$03 then $1916/$17 as the all-time new high breakout price targets into the week of May 26 (+1 week).
2. Result: Thursday’s (May 22) session advanced beyond $1885 and completed the forecast $1893/$95 upside target noted above. Further, Monday’s (May 26) session continued on the advance and completed the forecast $1902/$03 initial all-time new high breakout target (today’s session high, $1904.75).
3. Further advance remains indicated in the June S&P into next week (week of May 26 +1 week) as noted above. Will update.
1. In today’s (Wed., May 21) live meeting, and in the face of an unusual advance, it was noted that the June S&P must close above $1885 in order to indicate continued advance. Today’s session made a swing high of $1886.50, and closed the day at $1883.50, below $1885.
2. Although today’s session closed below $1885, any further confirmed advance above $1885 in tomorrow’s (Thursday, May 22) session will likely indicate further advance and test/attempt at $1893/$95 (and ultimately, all-time new highs).
3. Should tomorrow’s (Thursday, May 22) or Friday’s (Friday, May 23) session close back below $1875 without follow through on the upside noted above, this will be an important indication for sharply lower prices, including at/near the original $1857 downside target (or lower) noted in the original May 19 update. Will update.
1. Today’s (Thursday, May 22) June S&P session completed yesterday’s forecast advance from $1285 to $1293/$95. Today’s first hour closed at $1287.50 (above $1285), confirming the advance.
2. A daily close today or tomorrow (Friday, May 23) above $1295 is the stronger position and indicates higher prices, including all-time new highs and a possible test/attempt at $1902, then $1915/$17 into next week.
3. A daily close below $1293.00 is the weaker position, leaving the market vulnerable to a test/attempt at $1879/$78 (or lower).
4. Although remote, any decline back below $1874 places the market in a much weaker position and indicates a fast decline to $1855 or lower. Aggressive can place resting sell stops (new short entry) at $1874 should this decline occur. Will update.
1. Our recent Wed., May 21 June S&P forecast noted that any breakout above $1885 would advance to $1916/$17 during the week of May 26 (the current week)
2. Today’s (Thursday, May 29) session continued on the advance above $1885 and completed the forecast $1916/$17 upside target (today’s session high, $1917, so far). Any self-directed trades based upon the original May 21 forecast are now complete.
3. At this point, only aggressive remain long for the possibility of higher prices. A weekly close below $1917 is the weaker position, above $1917 the stronger position. Will update.