Mid-Day Update – 6/10/2021

Mid-Day Update – 6/10/2021

I cannot call this one right now. We looked above and failed. That normally means a move back down to the bottom of balance – 4205. And if we cannot maintain a break out above 4232 on the unemployment and inflation figures, what will be the catalyst to take us higher? This morning was another WWSHD – at least in my view. Now, we have climbed back to the top of the range. 

So I believe it best to wait for the close. The additional MGI (market-generated information) will be helpful. If we go back into the range, or below it, with the entire world looking at the same breakout levels, it will not bode well. This does not have to happen, but be aware of it.

Add all of this to yesterday’s comments. Low VIX, low put/call ratio – no fear. Complacency plus a key level – that is the issue today.

A.F. Thornton

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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