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Markets Ignore Russian Default, Retail Inventories, Consumer Confidence- 27Jun 2022

June 28, 2022 /

Market Outlook – Traders ignore the technical default of Russia as they have the money to pay but the rouble is not being taken as tender. We are in quarterly rebalancing and this is likely to drive prices north or at least hold the floor for a moment. Upsize is likely to stop on Friday but as it goes. Anything can happen. Levels to watch are the same as yesterday.

ES_F – floor 3892 (though we broke it overnight) 3911-3915 support edge – 3948 to 3965 and then 4006

NQ_F – floor – 11971 -12084 support edge – 12132 to12262 and then 12356

SPY – floor 380 with 390 to 402 as battlegrounds with a stretch into 409

QQQ – floor 280 with 237- 294 as battlegrounds with a stretch into 301 to 309

Take a look at this great graphic from power-investing – a tremendous amount of information in one snapshot

Levels and formations show that buying the dip will likely hold – just manage your risk