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Market Review:
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Recap from yesterday
"There is currently a 43-point difference between the two contracts. That's roughly 1% for the ES futures. If we do start to see a pullback, 43 points lower than the current high of the ES would be 4262.75. Keep in mind, under guidelines from the CME, the June contract rolls to the September contract after the close on Friday."
In the last 24 hours since writing the above, we saw the ES move down to an overnight low of 4262.75. The low this week of the September contract is the current high of the year 4305.75. If the market fails to move lower between today and tomorrow, then rollover will flash into a new high of the year by simply not moving.
Over 70% of stocks track with the S&P 500 Futures
Major Events:
June 13 CPI
June 14 PPI
June 14 FOMC Announcement and Press Conference
June 15 Retail Sales
Key Numbers Opens: Above or Below
4288.00 is the open of the Week
4273.25 is the open
4188.50 is the open of the Month
4127.00 is the open of the 2nd Quarter
3895.00 is the open of 2023
What's Hot and Not!
AMZN Upgrade and AAPL
AMZN upgrade should allow a recapturing of at least half the loss from the previous day, and failure to do so would be a flag worthy of attention.
AAPL 176.40, a close below this level is something to bear in mind as you evaluate the market moving forward.
Past performance is not indicative of future results. Futures trading involves substantial financial risk.
Please consult your personal financial advisor before using this information for your own trading purposes.
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