Good Morning Traders!
Happy Cinco de Mayo! European markets sold off and there is a key swing low from last week that can come into play in the DAX. Look for the hourly charts to form a continuation pattern OR find support in the pocket from last week. This will set the tone for SPs today. On the chart above, trading range consolidation continues to dominate. Key levels are marked off on the SPs. Turtle Soup type of sell set the tone on Friday and daily sell divergences on the three ten oscillator can continue to exert pressure the first part of this week.
Gold made new momentum highs on the 2-period ROC. Yield curve continues to flatten.
I brought some sunshine back up from Florida to Chicago – promise to bring it out of my suitcase by Wednesday.