Last weekend's 454th edition of Turning Points called out the premature, elementary level technicians who actually thought the price action from on June 20th - June 21st, would yield gains into the new week.
An excerpt from the 6/23/24 note:
High for the week was 5524.
What was most impressive about this past week is that the market exerted pressure on the bears into the 11th hour, before finally revealing the hand it was meant to play all along, by squeezing the shorts in order to make room for further shenanigans during the week to come.
Ultimately, the posturing and positioning that is taking place is a waiting game to throw both bulls and bears into a tizzy prior to the next leg taking place.
From a perspective purely rooted in the basics of price structure, the longer we continue carving out a flattish range around present levels, the more the possibility this turns into a continuation pattern for the primary trend.
There is the issue of the earnings season quickly approaching, along with an end of July FOMC meeting. Both events will drive the intentions of the market over the next few weeks, as there will surely be attempts at dislodging positions prior to any profitable, sustained trend revealing itself.
Continued chop remains the theme until further notice.
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