Friday May 19th

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It is the final trading day of the week, so let's review the market action...

 

SPX - The SPX backtested the break out trend line and bounced after filling a gap. Please read the chart.

Some may think that this is the dcl, and the "buy the dip'" team has rescued it again.  That might be true, however...

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May 18th – Change

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Wednesday brought along some changes, so let's take a look at what we have...

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LONGER TERM VS SHORT TERM

SPX #1 - We are due for a DCL & and ICL in the bigger picture, so I had posted these charts on May 4th showing possible ICL targets ...

And MAY 13th for the weekend report,  a possible dcl target

However, shorter term the markets have been very strong & BUY THE DIP mode kept kicking in, so I actually looked for 1 more push higher.

 

SPX MAY 17- However this looks like time is up.  That drop into the next dcl is likely taking place

This adds to the story...

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Wednesday May 17

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This mornings futures show the markets down a bit, but they have been holding up well lately, especially the Tech area. Let's do a little pre-market review...

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 SPX chart from Yesterdays report.  We are still due for a dcl, but the pullbacks have been shallow.

I like to use the NYA too, and this is a bullish set up / consolidation so far.  If it continues to hold the 50sma, it remains bullish looking .

We also have been keeping an eye this...

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