Technical Difficulties

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To start with,  I know many followed me on this trade, since it was pointed out a few times as low risk above the 200sma and very oversold. You should not have been stopped out with price holding the 200sma, as part of the trading plan.

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CLF - May 23 -  Low risk entry above the 200sma, stop loosely below the 200sma.

CLF 5-23

May 25-  A trend line was also acting as support and the MACD was correcting itself.

CLF 5-24

CLF May 31 -  Sweet, up 40% more today.

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Trust Issues

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Let's get right into the weekend report, and I will discuss all of the sectors and why I chose trust issues as a theme.

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SPX-  Last weekend I had been discussing the expected rally and the potential that it has to be strong since price is near the highs, but the signals that I was getting was saying that it was near term lows ( DCL). Since the markets did form a pattern known as H&S,  I used this as one of my charts showing that we were at lows, not highs on a weekly.  Would we have a strong week?

SPX WKLY 5-20  

May 19 - I saw the H&S too, but I had trust issues with it playing out, because many other factors were calling for a rally.

SPX 5-19

SPX WKLY - That was a strong break higher and the SPX is actually heading to the May 2015 all time highs. If it breaks out from there?  I have prepared charts for that time already  🙂   It could get very bullish , apparently climbing a wall of worry, because all I hear is negative talk.

SPX Wkly 5-27 Read More

May 27th – 3 Day Weekend In The U.S.

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Not much has changed from Thursdays report.    Janet Yellen  speaks today and she possibly could shake things up with some dovish or hawkish talk, so we'll see how that goes.   And then all then traders in the U.S. will have a 3 day weekend to think about it.  Hmm

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If  you are heavily invested and you'd rather not think about it on your weekend off, you may want to lighten up.

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