06/10/2023 Weekend Update

[Cobra]

Up 4 weeks in a row, the next week has 66% chances to close up, 83% chances to make a higher high. So more up.

[te_fern]

Over the weekend, please take a little time to vote for Cobra, thanks: https://stockcharts.com/public/1684859/ ... /533449377

[JFR]

Reading the chart ...

SPY daily.

Many positives:

EMAs up, in the correct order, and widening.

Bullish marubozus on the way up.

Pushing the outside of the Bollinger envelope.

Trend up, higher highs and higher lows.

MACD and Histogram very positive.

Sto at the top and holding.

What's not to like?

At the high of August last year (not shown), facing resistance, trying for a breakout.

Resistance overhead at the high of March last year.

Friday's candle is a doji, indecision. It tries to go higher, but slides back down.

Climbing the wall of worry. The more steps up, the higher the likelihood of a strong pullback or worse.

Conclusion:

For this trader it is All Systems Go on ES and SPY, but for day trades and scalps only. No swing trades.

Just in my opinion.

[Al_Dente]

Relative Strength v SPY (Who is stronger than SPY?)
On the WEEK
I was a bit surprised to see Homebuilders on top.
Rotation is obvious with Technology way down there this week

[jademann]

Crypto down big.
Wish I had bet the house on the SPXU at the lows:
https://stockcharts.com/h-sc/ui?s=$VIX& ... 1309525406

[tsf]

FWIW, this comment over at the bears' lair Slope of Hope (June 10, 2023)
"Should be an interesting week next week on the China/Taiwan front.
Blinken is heading to China next week, and scheduled to meet with Chinese leaders, next weekend.
I think we're getting close to a blockade of Taiwan.
Who knows when it happens, but I doubt China invades.
A blockade seems symbolically equivalent to Cuban missle crisis."

[BullBear52x]

From It is what it is department Looking for a reversal? good reversal bar on Friday but the bullish% is still pointing up.

Intraday: Friday closed the day with negative price action, this weakness should continue Monday. same playbook, no swing low it doesn't mean much. trade well, Peace!