S&P 500 Emini Futures 30th MAY 2020 Monthly Report

S&P 500 Primary & Weekly Cycles

What could happen is, if price moves down into those weekly lows, but moves back above the MAY 50% level (Yellow), US markets might actually move up towards the 2020 50% level at 3007.

Therefore, There are probably a lot of traders SHORTING US markets now, and as much as I agree with them, they could end up getting squeezed on the upside if that plays out. (previous Report)

Can the S&P 500 actually go as high at the JUNE highs at 3380?

Next week's Weekly highs at 3153 will be a massive resistance level to begin with, and if it does go as high as 3153, there will be lot of shorter's trying to push it back down into 3007 and the Yearly 50% level.

It will be the week after next that we decide if S&P 500 is back into a BULL MARKET Trend (above 50% level)

Or the market begins to position itself coming into the end of the 2nd Quarter and the start of the 3rd Quarter, which is what I always believed was when the next round of selling will occur, but it needs to be below 3007

S&P 500 E-mini futures 2nd MAY 2020

S&P 500 - Emini (Primary & Weekly Cycles)

The Aussie Market looks like it's in a classic bear market set-up for more weakness, US markets not so much.

As much as I'm extremely bearish in the overall trend within the Primary cycles for more weakness into 2021, along with the Fundamentals supporting my view, the 2nd Quarter could actually continue to support the trend and not follow the Break and Extend pattern into the MAY lows but move higher.

US markets are still above the monthly 50% levels and there's a convergence of the Weekly channels, which normally signifies a breakout, therefore it needs to close below the Weekly lows to gather pace @ 2697

What could happen is, if price moves down into those weekly lows, but moves back above the MAY 50% level (Yellow), US markets might actually move up towards the 2020 50% level at 3007.

Therefore, There are probably a lot of traders SHORTING US markets now, and as much as I agree with them, they could end up getting squeezed on the upside if that plays out.

We then look towards the 3rd Quarter onwards, with 3007 being a major resistance zone.