Into the Lunar Time Zone – 06/06/24

The S&P 500 (SPX) made a new all-time high on the date of a New Moon.  An important turn could come soon.

The prior blog “There’s a New Moon Rising”  noted that sometimes markets could turn on a New/Full Moon plus or minus two trading days.

The daily SPX chart courtesy of BigCharts.com illustrates bearish evidence from the Price and Momentum dimensions.

The SPX hit the rising trendline connecting the 03/28/24 and 05/23/24 peaks.

Both lines of the daily Slow Stochastic have reached the overbought zone.

Daily RSI and MACD have bearish divergences.

The U.S. monthly employment report is released at 8:30 AM – EDT on 06/07/24.  If an important SPX top has not been made on 06/06/24, its possible a peak could be made on 06/07/24.