Market Observations for 5.2.19

SP00s – the SP00s start the day just below yesterday’s regular trading session close, though did attempt to rally overnight…

Just below the present price is the approximate 20-DMA line, which should act as a price support here, and the momentum indicator line is also nearing the top of the gray zone support level which should also provide support, if not a bounce…

This is merely a needed correction to work the overdone momentum indicator line, and should recover in the near future…

My SAR swing system remains short from 2944… watching.

 

 

 

GOLD – gold is having another tough day, at least early-on today…

The LT, IT and ST trends remain downward, with an eventual LT Wave-IV target of 900-1000… watching.

 

 

 

SP00s – As the 10:00 am bar here in Denver approaches, the SP00s have declined downward to that ~20-DMA line and the momentum indicator line is also closer to the top of the gray zone support level…

I have an appointment that I must be leaving for, so am posting my customary 10:00 am MST post just a tad (a scientific term for smallish amount of something), just a tad early…

My SAR swing system remains short from 2944… watching.

 

 

SP00s – Back in the office between appointments, and at noon MST, the SP00s are off their lows, with the ~20-DMA and the top of the gray zone support level providing support as I said they would…

On my way out to another profitable meeting, and my SAR swing system remains short from 2944… watching.

 

 

SP00s (post closing comments) – the SP00s end the day lower, though off the lows of the day…

On days like today, when I spent at least 4-hours out of the office, I’m reminded why I developed a swing trading system that allows me to NOT sit in front of a monitor all day long watching the SP00s tick-by-tick…

For the day, the SP00s found support and bounced where and when I said they would… it seems there could be one more drop left, though as always, the market is ALWAYS right, and the momentum signal line always knows the mind of the market, so will let us know when it’s time to go long again…

For now, my SAR swing system remains short from 2944… watching.

 

Leave a Reply

Your email address will not be published. Required fields are marked *