Morning Notes – 6/10/2022

Founder's Trading Journal

Morning Notes – 6/10/2022

by AF Thornton 0 Comment

Good Morning:

  • The wait is over as the S&P 500 and all if its cousins broke the downside of the Balance Range yesterday and it was hardly a fake-out. It just broke and went.
  • And the inflation rate did not disappoint this morning either, coming in hot again at 8.6%.
  • The core rate, which tends to fluctuate less, came in at 6%.
  • The S&P 500 is trading at 3958 at this writing, which is well below the 4050 WEM low, and well into negative Gamma. 
  • It would take a miracle for the Dealers to bring the market back to the WEM low at 4050. They can do it, and they have done it before, but it will be tough on a Friday.
  • The best short-term hope for longs is the trendline coming up and connecting the March 2020 low (2174) to the May low at 3807.50.
S&P 500 Weekly Chart
S&P 500 Weekly Chart
  • As usual, I will have more to say on the weekend. The Fed Meeting next Wednesday is most likely to bring the next tradable low.

A.F. Thornton

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AF Thornton

Website: https://tradingarchimedes.com

A.F. "Arthur" Thornton is an expert in logic, risk/reward quantification, market fractals, pattern recognition and asset class behavioral analysis with 34 years devoted to developing algorithmic and quantitative trading systems. In addition to trading his own capital, Mr. Thornton designs custom algorithmic and quantitative trading systems for a small and exclusive group of exceptionally qualified traders.

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