Homework and Trade Sheet for Friday May 16th

May 16, 2019

Market volume was light on the morning rally but increased substantially in the afternoon. Fridays tend to have the smallest range of the week.  The market met all upside objectives and is due to fill out  range.  2860 is the first downside  level,  then 2853.

Bonds – forming  daily sell divergences and due for a close back below the daily 5 SMA but need lower  high on the  intraday  charts (240 minute).

Crude and energy complex – weekly bull flags – still looking for higher up but CL has had three days low to high and needs a consolidation  day.

NG –  Second higher low possible on the dailies setting the stage for trend reversal up.

EC – Continuation patterns down expected to form at intraday EMAs.

JY – 5 SMA  buy.

GC  SI –  test below  Thursday’s low.  Buy GC is flush below  PDL.

Hogs –   daily swing still in play off A B C correction.

No Major economic data!

Have a lovely weekend!