Opening Play and Daily Tradesheet for Wednesday 5/14

5-13-2014 9-54-25 PMCommentary:

GOOD MORNING traders! We posted the TradeSheet Key below.  We will be posting a link with this info so it will be easier for you to see.

ALL Time new high again!  The 15 minute EMA found  good support.  However, action died thereafter except for the Russell which dribbled back down after resistance at the previous hourly high.  If now has a 60 minute First cross Buy, so can try the upside again.  The SP CASH traded at big round number (above 1900).  First time up for index futures almost always fails.  SPs might make another run for this level in the next day or two.  Sentiment readings do not indicate any frothiness.  The Short term summation  tick got overbought yesterday but has now corrected back to neutral.  The Dax had good upside momentum on its breakout and closed with a 30 minute  bull flag formation.

The Aussie Dollar did not give back much when the EC sold down sharply.  It has a bullish intraday chart formation. There is a key swing high that can be tested

Silver has converging trendlines – impossible to predict whether it has an upside breakout or downside but start monitoring this market now as it is tightly wound again.

Copper – forming a b c correction down – 5 SMA comes in at 311.  A flush to this area has good odds of and will set up a  Pinball Buy.

SPs had one of the narrowest ranges in ages for a full trading  day.  Wednesday – Lets look for pickup in activity again!    Linda

 

 

LBR Tradesheet key

 

 

 

Tradesheet from snagit