1. In yesterday’s (Thurs., June 11) Williams edge and S&P meeting it was noted that the September S&P had a daily Reflected Wave top due on Fri., June 12 (+/- 1 day) and that the market was expected to decline sharply and test $2080/$79 into Mon., June 15 (+/-1 day).
2. Today’s session broke to the downside, putting the Fri., June 12 top in one trading day early (on Thurs., June 11). Therefore, the move to $2080/$79 is underway and can be traded to that target. Lower prices remain possible, but exits should be taken at/near $2081. Will update.
3. There should be no hourly or daily closes above $2098 until this completion on the downside occurs.
1. The next important daily market top in the September S&P is Fri., June 12 (+/-1 day). An important, tradable multi-day decline is expected off this top. Will update with further trading information as the market continues to confirm.