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Monday, June 30, 2014

Daily update 6/30

That was a boring end to the quarter.  This day four inside the 6/24 downside reversal day.  Here is the daily SPX chart.

This is really getting boring.  However, it should make identifying the next move easy.  The 6/24 price range is 1948-68.  I am going to go out on a limb and say that some day we will break that range one way or the other.  There should be some follow through in that direction.  In the mean time just relax and take a deep breadth.  Here is a look at the futures chart.

Despite the bars turning green again on Friday we did not get much upside.  As I mentioned in that update that we might sit and spin today.  Tomorrow begins the new quarter and we will see what investors might have up their sleeve.  ADX is getting low so there is no trend to speak of at the moment.

The daily SPX chart shows we have buyers on dips.  However, it is not clear there is much if any interest in buying above 1960.  I heard quite a few people talking about valuation on TV today.  Even Art Cashin was saying that some measures are showing high valuation exceeded only by the tech bubble.  I am sure none of that matters.  We are going to the moon and that is all there is to it.


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