Folks,
Market Observations for the Week: AAPL pulled the QQQ down to a potential C-wave low at 348.19 as money rotated from the $NDX to the IWM. The QQQ may have finished an EW a-b-c correction with a C-Wave down near 350. Money also rotated into the XLE with both XOM and CVX pushing higher to highs for the week. We were focusing on a pullback into Tuesday/Wednesday for the QQQ and SPY and expect a retest of highs in the SPY and QQQ by Friday. The XLE outperformed crude oil on Wednesday and may be trying to rotate into a leadership position. Crude oil needs to take out $75.06 to give us an EW 5-wave impulsive rally - this will argue that energy stocks could lead on the final move up into the 6/18 New Moon. The USD is coiling for a possible retest of 104.7 by Wednesday/Thursday.
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