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Replies to post #88057 on Triple 000 and Sub-penny Chart Plays
Thursday Update
Posted on May 26, 2016
LONG TERM: bear market rally
MEDIUM TERM: downtrend weakening
SHORT TERM: quiet day ahead of Friday’s GDP report, DOW -23
The market opened higher today,
pullback 7 points,
then went sideways for the rest of the day.
It appears Memorial day holiday trading is already underway.
The market did pullback
after yesterday’s short term negative divergence.
But so far it is only 8 points.
The previous pullback,
since the SPX 2026 low last week,
was only 11 points.
Nearly a 70 point rally
with only two small pullbacks along the way.
So far not much selling pressure during this rally.
The market needs to drop back
into the 2070 pivot range
to get selling pressure underway.
Short term support
is at the 2085 and 2070 pivots,
with resistance at SPX 2111 and the 2131 pivot.
Short term momentum
ended the day around neutral.
Best to your trading the GDP report tomorrow!
