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Stock Market Summary
Ring the Bell
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The News Buzz
Forbes: A Surprise, Game-Changing Crypto Bill Could Be About To Quietly Blow Up The Price Of Bitcoin, Ethereum And XRP.
Inflation slows in May, with consumer prices up 3.3% from a year ago.
Fed Officials Dial Back Rate Forecasts, Signal Just One ‘24 Cut.
Apple leapfrogs Microsoft to reclaim the most valuable company crown.
Enhanced Swing Trading
There are multiple variations for enhanced Swing Trading. I personally establish an initial swing position in two or three steps. My two-step approach includes:
Entering the 1st half of normal position size at a point when the price target is reached, and cycles indicate a potential reversal.
The 2nd half of the position is entered after an initial 5-wave rally and a 3-wave pullback.
Once in a swing position after the trend in favor of the swing position is established, one can do swing position enhancements:
Add to the position on the pullbacks if the larger trend is intact.
Sell a portion of the position on overbought conditions and buy it back on oversold pullbacks. That is, trading a portion of the swing position while keeping the core of it.
The size of the position for short-term trading can be 1/4, 1/3, or 1/2. The choice is subjective and depends on the overall confidence in the traded instrument, technical characteristics, short-term cycles, etc.
SOX Update
Remember that I stated a few times that SOX appeared to be relatively overvalued to the rest of the market to a similar extent as in 2000, after which SOX suffered a big decline.
Below is the updated chart.
Several days ago, I showed the red trendline and the 80D cycle target (green rectangle).
I also said that I expected SOX to overthrow the red trendline to satisfy the target.
This was accomplished today with a gap and go in SOX.
Negative divergences in technical indicators are still evident.
I expect SOX to reverse to below the red trendline in the not-too-distant future.
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/81a4a501-b62e-4f77-81d7-5f16909b12a7/image.png?t=1718238164)
Please consider following me on X (former Twitter). My X posts complement the newsletter with timely posts.
Yesterday, I posted this very timely SPX update.
Ringing the Bell!
#SPX reached the 20D target.
$SPX #SPY $SPY— BraVoCycles Newsletter (@BraVoCycles)
5:35 PM • Jun 12, 2024
Market Summary
As of close on 12 June 2024.
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/d86b7e43-85b8-4264-ac2e-7e2cd15d9e15/image.png?t=1718238248)
What Has Been
![Assemble Martha Stewart GIF by ABC Network](https://media0.giphy.com/media/beNjnuFrTZQweRhzIm/giphy-downsized.gif?cid=2450ec3095szyayg81np0tuddvkw2nt7g8kob8hlnj2a85yf&ep=v1_gifs_search&rid=giphy-downsized.gif&ct=g)
Gif by abcnetwork on Giphy
U.S. large-caps led by Nasdaq rallied on Wednesday after dovish comments from Fed Chairman Jerome Powell and an upbeat May CPI report.
S&P 500 advanced 45.71 points or 0.85% to 5,241.03. Nasdaq advanced 264.89 points or 1.53% to 17,608.44.
Russell 2000 advanced 32.75 points or 1.62% to 2,057.1.
Dow declined 35.21 points or -0.09% to 38,712.21 points to 38,712.21.
Asian markets were mixed, while European bourses were solidly green.
So far, indexes moved as expected, with SPX and NDX finally reaching 80D cycle targets.
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What is Next
SPX and NDX topped yesterday or are . . .
![](https://media.beehiiv.com/cdn-cgi/image/format=auto,onerror=redirect/uploads/publication/logo/027aa3fe-919d-491c-8e24-caf569b61ebb/thumb_BraVo_Photo_IMG_3412-1-gigapixel-standard-width-400px-cropped__1_.png)
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