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Ever since the regular session close on Thursday, I’ve been glancing at the ES and NQ from time to time. It’s been an absolute madhouse. Up double digits. Down double digits. Whipping all around like crazy. The bizarre thing is that all the relevant parties are asleep, so I have no idea what the algos think they are trading.
Anyway, I marked up a few big cash indexes with two levels each: one, in green, shows the level which, if crossed, puts the bulls back in the driver’s seat; and two, the magenta level which, if broken, affirms bearish control of the market. This week has already been insane, and Friday could be the craziest day of them all.
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Last week I was looking at support that needed to be broken at the SPX daily middle band to open further downside and obviously SPX did that and could be at or close to the wave A low here, looking then for a B wave rally, and then a C wave down into the next low window and to complete the current move. On Sunday’s free public Chart Chat I was talking about a possible H&S target in the 2840 area which was reached at the lows this morning. If you missed Sunday’s Chart Chat or would like to see that again, that is posted on our May Free Webinars page.
We hold a subscriber only webinar every month at which we answer any questions attendees have, and review important markets in response to those questions, and we are holding one tonight at which, this time only, all are welcome. So if you’d like to see that you can register for that on our May Free Webinars page or you can register to attend using this direct link.
Earlier today, I sold the entirety of my XLF puts, in spite of the fact they don’t expire until January 2020. I’d like to get in again at a good price. But I felt it was an opportune time to scoot, based on the trendline support.