Founder's Trading Journal Morning Notes – 6/22/2022 by AF Thornton Jun 22, 2022 0 Comment Good Morning:S&P futures are trading near 3705, having reversed most of yesterday’s gains.Support lies at 3700 followed by 3620. Resistance shows at 3755 (SPY 375).Fed Chairman Powell speaks today at 9:30 AM. EST.Much of today’s consternation may be anticipating Powell’s remarks.Yesterday’s action did little to support the idea of a sustained bounce.Both volume and conviction were lacking. The retest I discussed, which normally comes on the fifth day after a new low, could result from Powell’s speech.So while caution may be the rule of the day, it would not take much on a positive note to send the shorts into panic mode.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.