SPX 10m

Market is closed on Wednesday June 19th 

Thanks kingpin

Weekend Newsletter

Equity Futures Rollover Next Week to September Contract 

The U.S. stock market concentration shows the top 1, 3, and 10 companies' market cap relative to the total reached 27% in 2023, nearing the 1963 peak of 30%. The lowest was 12% in 1993, with 14% as recent as 2014 

Source FactSet

Now in June 2024 the Top 3 are over 20 percent and the Top 10 are 36% by weight

SP 500 By Weight

GOOGL - Chart Link - it's now possible to count 5 waves off the 160 low which warrants caution and trail of stops (it can subdivide higher and will alter count as shown in green). 

Weekly demand below at 159-151

_MSFT - Chart Link- here is the updated count from my previous post.  Price targets have been met but this can extend so proceed with caution here. 

On current wave 5 one can count 5 smaller waves BUT the initial move could be a LD (Leading Diagonal) with the current move wave 3 of 5 (all depends upon the nature and extent of next pullback).    One option is the whole wave 5 may unfold as an ED (ending diagonal) which will take some time to play out.   Thus, one should simply trail up stops here in accordance with their plan. 

Happy Father's Day to all you Dads

Several updates on Stock charts by Market Gurus posting Yellow warnings regards the market. No surprise .

BIG pop   up   in   NAIIM exposure from 68 to 86 and heading to 100 area is my best guess. Reported 6/12 .  Ever short term top this last year has been when the index  hits 100 to 104. 

I will add that the real driver of PHYSICAL  gold are the Chinese households which save 35 percent of their GDP which amounts to $6 trillion this year.  That equates to 80,000 tonnes of Gold. 

Physical Drivers of Gold

Such input always appreciated

https://stockcharts.com/members/articles/pring/2024/06/the-next-direction-for-interes-880.html

Sure thing, Steve. Have a great wkend. Thanks for all your work.

Simplicity

It'll rally into the 4th but I don't know about rallying into the 19th...

GOLD and SILVER commercials report out for this week if anyone interested? Great weekend to all. Both metals saw commercials covering their big shorts and I can give numbers if helpful. 

ES 5501 at the Bell