02Jul10:45 amEST

Range Within a Range; And Don't Forget About Danny Ainge

A gap down on more trade war headlines kicks off this holiday-shortened week, as I suspect more than a few market players are just about ready to head to the beach and forget about stocks for at least a week or so, if not longer. 

However, there are some impressive relative strength issues which have already been sporting sound charts this morning. We want to continue to track these names closely, as we are doing for Members in real-time, in order to be in a good position to ramp up aggression when the time is appropriate. 

At the moment, though, we have a rangebound tape susceptible to random overnight gaps on headlines, which means remaining light is likely correct. A few exceptions here and there, such as Tesla Motors threatening another one of its infamous runaway short squeezes, are of note. Regarding TSLA, holding over $357 looks to be the issue now, as bears are doing their best to prevent the floodgates from opening on the gap up this morning. 

Turning to the S&P 500 Index, gauging the daily chart, below, we have a fairly tight range within a broader 2018 range. 2700 up through 2742 is the current playing field we want to negotiate. As you can see, we do not have resolution yet. 

On a separate note, just for kicks, the July 1st NBA free agency annual bonanza was magnified this year due to LeBron James signing with the Lakers on a multi-year deal. The Western Conference seems to be loaded to the gills indefinitely. But with James set to turn 34 years old early next season, and the Warriors and Rockets perhaps a year or two away from breaking up/topping out, my bet would be that the Boston Celtics in the Eastern Conference are on the cusp of an epic decade. They have the best coach in the sport, by far, and a deep, young, talented roster which will only improve. And an excellent GM in Danny Ainge, who is doing his best Red Auerbach impression in assembling this roster. 

Sunday Matinée at Market Ch... Follow-Up on Monthly Candles...


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