Mid-Day Update – 6/30/2021

We have status quo, as the internals are mixed, we are trading inside yesterday’s range, value is unchanged, and the POC and TPOC are at halfback. Truly, it is balancing at its finest. There is still time for an incremental new high today. We will see what the bulls can do in the afternoon drive.

I picked up a nice pullback long trade right at the 30-minute mark and Navigator trigger line for 6 points. I sold on the trigger line break, also the top of a rising wedge on the 5-minute chart. That is it so far. We are back into lunch and chop.

There is nothing bearish today, as there was no effort to push below yesterday’s regular session low and the overnight low at 4270. That should have happened but didn’t – making it doubly bullish. As such, the most we can say is the futures successfully tested the 5-day EMA overnight, keeping the bull case alive for now.

Traders will tell the true tale over the next few sessions that follow quarter-end. We still have a measured move to 4400 if the market wants to take it.

I will do the Epilogue after the close unless something new materializes. There will be no updates Thursday and Friday due to the holiday weekend. My next update will be Tuesday morning, but I will put out the macro View from the Top over the weekend.

A.F. Thornton