Options_Life_

Options_Life_

Yesterday was almost an indecision candle on daily. Markets cheered the jobs data earlier in day with a nice green candle, however the pump faded going into FOMC, where AMEX:SPY and SP:SPX were around 600/ 6000 at 2pm. FOMC event mostly turned out to be a "non-event". While the no rate cut and 2 for 2025 were largely expected, Powell spooked the markets...

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Until yesterday, it seemed that bulls were fully in control chugging along to make new ATH or go closer to previous ATH. Seemed like SPX was breaking from ascending triangle. Looked bulllish going into this Opex close, certainly propped by good data and good tariff comments. Now with the recent war news, and the dip we had yesterday, seems like new pattern...

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SPX500 futures daily chart showing break from ascending triangle. Expecting upside move towards 6100 in coming days

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AMZN showing Stair Step pattern. Looks like next leg would be low to the 1630's followed by break of 1650+. This is hourly, so expect this behavior to play out next week.

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FB - trend over 3 years shown. Jumped to higher channel in 2017. Tested lower channel and now back - target of 205 still in play.

Options_Life_ Updated 

Expect sideway trading until mid June

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Check past 3 years. Historically a red month. Usually high expectations at WWDC, should stay within bull flag range.

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Cup with handle forming. 7+ weeks in progress.