Key Events As This Week Ends

Posted by Joe Duffy | Jun 13, 2024 | Joe Duffy's Trading Advantage | 0 |

More cycles coming up into the end of the week. Most certainly looks like if these cycles act on the market, they will act to pressure the downside. The only thing I could see right now to make this cycle turn out to be a cycle low, is a rotation into stocks that have not been participating much in the strength, However when I go through my stock list I don’t see enough of those candidates. Therefore expect the market averages to roll over on Thursday or Friday.

However, definitely not shorting the indices, so I must look to individual issues if I want to try the short side again. My leading candidate is Shopify which closed 65.50. On the other side, stocks like IBM and UBER and Visa to name 3, which have suffered, can’t suddenly find a bid. If they did then there may be enough rotation to drive the market higher into month end. I’ll be watching those three stocks in particular to see if they regain stronger looking charts,

Thanks,

Joe

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Joe Duffy

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