Today's morning high of 2799.00 in the S+P 500,
has fulfilled the technical requirement of rallying
back to the breakdown point to 2800, that I anticipated last night,
also viewed as the neckline of the busted Head and Shoulder's Pattern.
In afternoon trading, price has turned down.
Now he market knows that prior support at 2800, has turned into resistance.
That's noteworthy, and important because of the Head and Shoulder's pattern above now in place.
This is tough trading, but on a sheer risk/reward basis
I would not add to any long positions in here,
but it is also to early to short as well,
rather waiting for a break of this weeks lows at 2766 first.
Unless something out of the ordinary happens,
the market seems content to be in a holding pattern,
waiting for Friday, the last trading day of May.
Thus, I am expecting large price movement tomorrow.'
I would anticipate a downside resolution,
and a continuation of the current leg down in the market.
There are still too many bulls rushing in to buy stocks right now
after this breakdown. That often backfires in a very big way.
THE_UNWIND
5/30/19
NEW YORK
has fulfilled the technical requirement of rallying
back to the breakdown point to 2800, that I anticipated last night,
also viewed as the neckline of the busted Head and Shoulder's Pattern.
In afternoon trading, price has turned down.
Now he market knows that prior support at 2800, has turned into resistance.
That's noteworthy, and important because of the Head and Shoulder's pattern above now in place.
This is tough trading, but on a sheer risk/reward basis
I would not add to any long positions in here,
but it is also to early to short as well,
rather waiting for a break of this weeks lows at 2766 first.
Unless something out of the ordinary happens,
the market seems content to be in a holding pattern,
waiting for Friday, the last trading day of May.
Thus, I am expecting large price movement tomorrow.'
I would anticipate a downside resolution,
and a continuation of the current leg down in the market.
There are still too many bulls rushing in to buy stocks right now
after this breakdown. That often backfires in a very big way.
THE_UNWIND
5/30/19
NEW YORK