Maverick 01:45 AM - Jun 21 2022

Week Ahead: June 21, 2022 - SPY 380 coming; Fed speakers all week; consolidation.

  • Fed Speakers galore.   I guess since they were locked up for a couple weeks pre-FOMC.
  • Tuesday - Existing home sales at 10am; Mester at 12pm; Barkin at 3:30pm
  • Wednesday - JPow testifies before Senate on monetary policy at 10am (!); more Fed speakers at 12:50 and 1:30pm
  • Thursday - JPow on same topic, but to House at 10am; normal THursday data at 0830.
  • Friday: New home sales @ 10am, Fed speakers at 1pm and 4pm.

On Watch
  • All these Fed speakers. They are the main market movers this week.
  • Expect to see hawks and doves both flying around

Thoughts:
  • We’re 30 points away on SPY from pre-pandemic level (336).  Seems highly likely to get there, eventually.
  • Oversold: Weekly, 4h
  • Not Oversold: Daily (barely), 1h, 30m
  • Futures are pushing SPY to 371.50 right now.  That’s nearly +10 from Friday’s low.  That seems a bit too ambitious looking at the chart.
  • That said, with some of these oversold conditions, it was definitely due. 363 looks like an extreme bottom put in - for now.  Kudos to anybody who scooped that up.
  • I think we’re going back to 380, but it needs to consolidate around 367-372 first.  
  • I won’t be in a hurry to buy on Monday, but I’m bullish (temporarily) for sure and looking for 380 in the near-term.
  • SPY levels: 354 > 362 > 368 > 372 > 380

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Comments

samosa - 1 year ago
I bought the 363 dip and sold it at 367 like a clown

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