EB Daily Market Report - Friday, June 24, 2022

Dear Members.

Another brief report today as Tom enjoys a well deserved few days off!

In yesterday's report I said to watch for 3889 on the S&P if we cleared 3838. The high today? 3888.99. Oh well, close enough!

That number was important as it represented the 20 day moving average, a level that was expected to be act as key resistance. So we're going to see if the bulls have another leg up in mind or if we stall for the time being, especially if traders use this as an opportunity to lock in some profits.

What's great about today's rally is we're seeing all of the major indexes participating, each up more than 2%. And if the S&P can close above its 20 day, now at 3890, the bulls will then be aiming for the 50 day, currently at 4065.

If you tend to be more conservative you might want to consider locking in some profits yourself and see if we get a pullback. But if we can make that move above 3890 on the S&P we might see a continuation of the rally.

At your service,

John Hopkins

EarningsBeats