DanGramza

01:11

DanGramza

The buyers continue to follow through in the S&P 500. This is a positive step for this market but consistency is going to be the key over the next 2 days. If buyers indeed believe in this market we need to see a positive close not only on Thursday but Friday, as well.

02:52

DanGramza

The price action that we've seen on Tuesday represents buyers returning to the market after Monday's break to the downside based on concerns. As we discussed, concerns usually do not sustain a dramatic long-term move to the downside. This means that the price action we've seen on Tuesday is encouraging but the critical issue now will be can these buyers follow...

02:31

DanGramza

The S&P 500 from my point of view is a market reacting to the possibility of another virus shutdown of our economy and the global economy. It is a possibility but not a reality so I do not look for follow-through in this current market break but rather an inside to higher move as the market digest this market correction.

02:32

DanGramza

The down move on Monday and the S&P 500 was apparently caused by a concern for inflation. From my point of view concerns rarely cause a long-term market change in direction. Because of our current levels and the possibility that lower levels in the S&P 500 on Monday could become attractive to buyers. So, if you're short because of about the market action on Monday.

02:03

DanGramza

The S&P 500 has been bouncy or has found buyers at the levels that is currently trading. The issue is can these buyers follow through going into the weekend. To identify that type of action you would want to see and unchanged are higher close on Friday as we go into the weekend. The issue now is can the S&P 500 have the incentive to push this market to new highs on Friday.

02:29

DanGramza

The action in the S&P 500 on Wednesday left a bearish shadow on top. However, I think the overall structure with sellers above 4380 and buyers below 4360 in implied a sideways move. The market is potentially setting itself up waiting for additional information. I still think the bias is for move to the upside.

01:32

DanGramza

Sellers were found on Wednesdays price action. The issue now is can they follow through. An ideal situation for a bullish outlook would be for sellers to push the market lower in Asia and for the market to go sideways to higher in Europe before returns to the US for the possibility of making new highs.

01:36

DanGramza

The Japanese candle chart for Monday implies that the market sold off before buyers came in towards the close. The issue now is can these buyers follow through in the follow-up sessions. An important parameter will be follow-through in the Asia session which is just started to trade it would give us an idea of the level of enthusiasm of buyers to continue to push...

01:41

DanGramza

My feeling was that Thursday's downward movement was a reaction to market concerns and I do not feel this would create a stronger down move. It is an example of a market reacting to the possibility of something in the future not reality. Plus I did not think that people would want to go home short into the weekend. This analysis resulted in the expectation of a...

02:46

DanGramza

The challenge for the S&P 500 on Friday, July 9 would be the follow-through of buyers that came into this market late on Thursday. I also do not think that sellers want to go home short this market and I think that will add impetus for buyers to continue pushing prices higher as we go into this weekend.