Afternoon Notes – 6/28/2022
Good Afternoon:
- Today was a disappointment. Despite my best hopes, the market rejected the price at the key inflection point I have discussed this week, between 3900 and 3920.
- And the daily bar shows a preliminary trend reversal as the market closed well below yesterday’s low.
- The Navigator Swing Strategy stopped live in the trading room today for a 100-point (S&P 500) gain from last Thursday’s entry.
- Today was our first trading day in the room. We took a successful short trade off the opening range trade.
- After that, we shorted a couple of bounces successfully, And then we had one minor loss going long from the daily 21 (mean).
- We will be back in the room on Thursday morning.
- Today’s action was somewhat ominous, negated Friday’s follow-through day, and could result in a full retest of the June low.
- I will have more to say in the morning after I have a chance to review everything.
- Guess what? It is still a bear market.
- Stay lean, mean, and flexible.
A.F. Thornton