Homework and TradeSheet for Thursday May 30th

There was increasing volume to the downside on the second day high to low.  Today is a  Buy Day  but scalp only since multiple time frames made new  momentum lows.  The DOW made new mo mo  lows on the 2-period ROC.   Any reaction up will form bear flags for a shorting opportunity basis the 120/240  minute time frames. yesterday.

Bonds and Bunds – there was enough upside momentum that a three bar triangle can now form.  (lower high on 120  minute possible) and then the first close below the 5 SMA would still set up a Buy over the next few days.

$ = new 2-period ROC momo  highs.

GC: equilibrium point with multiple bars price overlap – TP = 35.

Grains – Buy Dips below the 5 SMA.  Beans made new  momentum hgihs on the 2-period ROC.

Coffee:  103.45 – 103.60   area of a previous swing high and swing low basis July contract. KC made new momo  hgihs on 2-period ROC as well.

Blue squares = new 30 day highs or lows on the 2-period ROC, usually leading to intraday continuation patterns over the next few days.

8:30 A.M. EST Canada Current Account, USD Prelim GDP, USD Unemployment Claims

10:30 A.M. EST Natural Gas Storage

11:00 A.M. EST Crude Oil Inventories

12:00 A.M. EST FOMC Member Clarida Speaks

2:15 P.M. EST Canada Gov Council Member Wilkins Speaks

 

June Natural Gas goes first notice