June 3, 2024

In this video, we'll take a detailed look at the SP500 (Ticker: SPX) as of June 3rd, 2024, along with a quick analysis of LAZR Luminar Technologies and the VIX. Currently, I'm bullish on the SP500 towards 5350 if we break our intraday diamond and surpass the 5275-5300 psychological levels. It's possible we might see one last thrust to Deutsche Bank's target of 5400-5500. The VIX is slightly bearish in the short term but bullish at higher levels around 17.50, indicating a potential long-term bearish outlook for the SP500 down to 4800.

For LAZR, it's holding at the 1.55-1.60 range. If the SP500 bull diamond fails, we could see a drop to 1.40-1.47 for LAZR. However, I believe it will hold due to significant short interest figures—38+ days to cover short ratio, 28%+ short vs. float, and 60%+ constant dark pool off-exchange shorting on Luminar Technologies.

Disclaimer: This analysis is for informational and educational purposes only and is not a recommendation to buy or sell any securities.

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