Homework and TradeSheet for Thursday May 23rd

Very light volume day on Wednesday as would be expected with a narrow range. Even though the markets have had range expansion overnight, and many of the moves have already started off the play sheet (as is usually the case – the moves start in evening session about 60% Of the time), still  look for an increase in volume in the early US session to confirm odds of continuation patterns. Breadth oscillators,  tick summation indexes and other market internal indicators are all neutral. SPs will open with a gap down.  Globex low is initial reference point,   4 points up off the opening price is upside  reference point, 2832.50 is a previous swing low pivot.

SP – and all indexes:  3 bar triangle breakout + nr7

US – exit longs above PDH

EC – ID/OD = BO  pattern – play for 20 day lows

JY – test above 5 SMA

GC – 3 bar triangle – unlikely to get too far above 5 SMA on  first push above

CL – cover BO shorts below  PDL

W – hold  longs from yesterday

C – Pinball Buy

 

3:15/3:30 A.M. EST EUR French & German Flash Manufacturing PMI

7:30 A.M. EST ECB Monetary Policy Meeting Accounts

8:30 A.M. USD Unemployment Claims & CAD Wholesale Sales

9:45 A.M. EST Flash Services PMI

10:00 A.M. EST New home sales

10:30 A.M. EST Natural Gas Storage