The Day Ahead: AM Edition 2022-06-22
Equity indices recover the overnight retrace to get back into green
S&P 500
Nice recovery of the overnight retrace this morning that recovered the drop and filled the first overnight gap. A good first step after rising up out of an island left late last week. Clearly more work to be done as it is currently trapped between the high of the day and old resist turned support at 3771. I like giving bulls a chance here but they need not be in a hurry. If SPX can poke over 3790 and base, they should have a green light to proceed to 3837 and later the next gap at 3900.76 by late Thursday or Friday morning.
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