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