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Replies to post #87938 on Triple 000 and Sub-penny Chart Plays
trader53
05/25/16 3:33 AM
#87975 RE: trader53 #87938
Tuesday Update Posted on May 24, 2016
LONG TERM: Bear Market MEDIUM TERM: downtrend SHORT TERM: gap up opening. DOW +213 The market gapped up at the open today after the lowest volume of the year yesterday. Overnight futures appeared to be following the DAX, as it rose 3% from its opening low to finish +2.3% on the day. After the European markets closed the SPX made only 5 additional points upside progress. Today’s high, SPX 2080, hit the lower range of the 2085 pivot, which is slightly above the level we were expecting for this Int. wave B rally from SPX 2026. Int. B could still travel a bit higher, but any intraday decline below SPX 2058 will suggest it has ended. Short term support is at the 2070 and 2043 pivots, with resistance at the 2085 pivot and SPX 2111. Short term momentum was quite overbought at the today’s high, and ended with a slight negative divergence. Best to your trading!