Homework and TradeSheet for Friday May 24th

May 24, 2019

The Nazdaq and Russell traded below the previous swing low  while the SPS and DOW did not confirm.   Volume was climatic.

This sets the tone for a continued trading range consolidation.   2832.50 was the main upside pivot – an area of previous swing lows as well as where the pit session gap will close.   The Sps are gapping up higher above this this morning, effectively trapping any new pit session shorts in stocks from yesterday.  Today is the last full trading day before a three day weekend and the indexes would be expected to hold their gains overall.

There is still an upside unfilled gap in the DAX which comes in at 1212.35  Good odds the Dax will remain an inside range day since it is already so well off its lows.

Bonds, Bunds – Sell short day on the 2-period ROC.  A close below 124’27 sets up a Turtle Soup sale in the Tens.

Pinball Sale on GC and SI and EC.  Pinball Buy on Corn.

AMany markets had WR7 – widest range of the past 7 days and would be expected to consolidate today.   Friday tends to be the narrowest range day for the week.

Coffee has daily trend reversal pattern from down to up on the daily charts:  2 higher lows in place and now taking out a previous  swing high.

Three day weekend –  YIPPEE!!!!

8:30 A.M. EST USD Core durable Goods