SP500 Intraday Update And Some Full Moon Commentary!

My little moon app tells me that we are also at a full moon which can be very bearish at times. The problem with using the moon cycles is that they are not that reliable as some make them out to be. At times major reversals have occurred during the full moon, but so have new moons.

The next new moon should be July 3, 2019, still a few weeks away.  Sometimes midweek will supply a turning in the stock markets so a reversal could still take a few days.

I would love to count down 5 waves in Minute degree but this wave structure just doesn’t fit a wave 2 rally,  as I would like to see the SP500 initially go a bit deeper. Otherwise, we would need some wild extensions for this impending 5 wave run in Minute degree.

Commercial hedgers net short positions hardly show up, which is still fairly bullish from my perspective. I’ll give this bullish run until the end of the week where this strong bullish trend faces a correction or an end to this bullish phase.  If this June bull run is just a big bear market rally then eventually the SP500 would have to retrace the 2730 price level.

The Gold/SP500 ratio has not changed that much and it’s still at the 2.16:1 range which is still far too expensive, as gold ratios go.

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