Signals & Trading Plan for Friday 6/14/19

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Here is an excerpt from our trading plan.

Based on today’s price actions for $SPX $NDX $RUT, and based on the messages seen in market internals, we have to examine the possibility that Surge1 of the new Up Trend may not actually be done yet. 

Surge1 started on Tuesday 6/4/19.  By 6/11, $SPX has retraced 78.6% of the May sell-off.  Most traders (including us) assume that this was the likely end of Surge1.  

$SPX $NDX $RUT started to head down 6/11 and 6/12, volatility rose a bit, market breadth dropped, and trader sentiments got more bearish.  All signs of a possible Dip1 happening.

However, our trading system now detects a different message from market internals.

The rest of this article covers:
Market internals
Surge1: support and resistance levels
Trading plan
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