May 31st, 2024

PCE gives the bulls short-term momentum back, but I think it will be met with sellers. As I’ve stated, I’m short-term bearish, long-term bullish, and the bulls just needed a little push to get going again, and maybe today was it. I don’t think so, as I still think we’re headed to 5201 in the coming sessions.

That doesn’t mean I’m blindly short, and I’ll fight this move today, but I will look for areas where the market runs out of gas and look for shorts.

With today being the end of the month, the close is where the action will be. Until I see a daily close above 5328, I remain in short-term bearish mode, selling rallies, but understanding that the long-term outlook is still bullish, so I won’t be stubborn.

Small and smart. Have a wonderful weekend.

Cheers, DELI

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