Extreme Week of Volatility Incoming For SPX; June 12th Levels
Note: This is a re-send of the abbreviated newsletter for Monday June 12th, originally sent out on Friday, for those who did not receive.
As readers know for 4 weeks I have discussed and identified a strong day-of-week tendency in ES whereby it sees Monday to Wednesday weakness, then Thursday and Friday squeezes and this cycle has held up now for 8 of the last 10 weeks, and we got it again today. The last two weeks saw 100+ point rallies on Thursday and Friday, and this week saw 60+ points from Thursdays low to Fridays high before fading mid-day after hitting the magnet targt discussed Wednesday.
I wrote in my last newsletter that this is likely the last week I expect this to happen though, and with next week being both CPI and FOMC, I anticipate one of the most volatile weeks of 2023
As readers know, I am out of town until Monday so today’s newsletter will feature only the actionable levels for Monday, and I will also provide an overview of my core setup (the failed breakdown) which is what setup the 60+ point Thursday/Friday squeeze. This setup precedes *almost all* major moves and is essential to learn.