Today Mike Paulenoff provides closing analysis. The daily chart of the E-mini June S&P argues for more upside, despite any minor set-back that might impact the index during the micro term.
The e-SPM hit a new recovery high this morning before declining, which could be the start of a two-way trade that corrects the near-term overbought condition that has developed since the May 13 low.
The Q's made another marginal new intraday high, and although this represents the fourth consecutive unconfirmed intraday higher-high since Wednesday's high at 37.36, the Q's exhibit little or no selling pressure or profit-taking.
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