Similarities

Not much changed from The weekend report to now, so lets quickly review the mkts and then review a couple of trade set ups...

For the NASDAQ-   I have been showing a bearish wedge, and I pointed out how they occasionally can consolidate & turn bullish like in this  2011-2013 wedge. I shared this chart

NASDAQ 5-8 3rd  

Lets look at the SPX currently

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TRIANGLES

I am seeing a lot of Triangles forming in the markets, some bullish by nature and others bearish.  Lets take a look and review the past week and look forward to a few ideas too...

I posted this WKLY NASDAQ in a mid-week report on MAY 6.  Could it recover?

QQQ 5-6 wkly  

Amazing.  It recovered by week end.

NASDAQ 5-8 wkly

Lets look at some other triangles and wedges...

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CHANGE

6:30 a.m. Eastern time :  I collected most of the Charts for todays report last night.  I thought to myself that like I wrote in the weekend report,   it looks like we are seeing some Big Picture changes lately.  I awoke this morning to Futures down quite a bit and that makes the charts you are bout to see all the more interesting. We all know that when you wake up to Futures down, the day can reverse and still close green and visa versa, but take a look at where we are , and you'll see that things look quite interesting.

I like to start with the previous days chart, so here is the Nasdaq from Tuesday. Breaking down?

NASDAQ 5-5

SO what happened Wednesday? Oh yes, it wasnt a FED WEDNESDAY, but The Fed did say something in an interview  that shook the markets a bit more...

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