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Markets-New Month-New Qtr- 1Jul, 2022

It’s Canada Day –

Market Outlook- Lots of news around about the cap on 6mo of downward motion. ECB prints a new high with inflation while Germany and Japan downtick. We appear landlocked but the last week shows buying off the baselines of support in the near term. Today we watch the floor and anticipate pullbacks are going to find buyers into resistance.

From the ES perspective, there is 3735 and above 3813 is resistance

For SPY, the floor is 372 and above 382 is resistance. Expectations are the the floor will find buyers but resistance will continue to be heavy.

Here’s a look at Metastock

We now sit near 3781 with the floor to consider at 3735

Have a look at the images from Finviz

After 6mo – healthcare and energy still hold steady
1month shows recent rotation from energy – healthcare still holds strong with its bigger well capitalized instruments
Last week, we see recovery – charts appear to have some lift