05/29/2018 Live Update

[Trades with cats]

If you put a volume profile on your daily chart you can see the amazing 6 day 100 point up move in early May was on pretty thin volume. So I am saying that today has once again demonstrated that those rapid moves, both up and down are actually defining an elevator shaft for future use.

[Cobra]

generally the rebound should be sold although sometimes the very first rebound means the end. let's wait and see anyway.

[Trades with cats]

John Kemp reminding us that Hedge Funds have been taking profits is crude for 5 weeks now. he says look at their actions not their words.

[Cobra]

my guess.

[fehro]

nears support 50d 2672 ish

resistance close LOD goes again 50d 2672 tag

[Cobra]

pullback as expected. Remember the blue arrow was just a guess so it maybe adjusted as per how pullback goes.

[fehro]

nears support 50d 2672 ish

resistance close LOD goes again 50d 2672 tag

[Daniel]

GLD grn. SLV down -0.6%. GDXJ down about the same.

SPY tagging its (strongly downslope) 5min 20ema. QQQ is already above it.

[Trades with cats]

Looking like the usual, a mid afternoon range developing with odds of a late day ramp.

[Daniel]

XLF down -2.1% today

Now down >3.5%, at the LOD, and about 1% below the 200day MA. Also, right at the lower bollyband.

The two prior visits to the 200MA (early April and early May) both resulted in sharp multiday rebounds. Prior to those tests, the 200MA had not been approached for eons.

Based on this, and the upslope of that longterm MA, the current price level has to be considered for a BUY based on oversold metrics.

[fehro]

buckle up for the summer…. VIX >20d/50d/200d/20w/50w/200w

[Trades with cats]

Going for the double bottom ?

[Daniel]

Going for the double bottom ?

TRIN is now greater than 2.0, and XLF is lying half-dead on its lower bollyband.

My guess is not here, not now, for a bottom to this selloff. Although we may be in better risk/reward territory than earlier in the month.

[Junior Buffett]

buckle up for the summer…. VIX >20d/50d/200d/20w/50w/200w

Fehro, your VIX target will reach by EOD tomorrow...already up 31%..does anyone knows why? are we going to get some news tonight?

[Daniel]

From Briefing.com:
"The major U.S. indices are solidly lower following Italian President Sergio Mattarella's decision to block the formation of a euroskeptic government, which has prompted a flight to safety on Wall Street and beyond. U.S. Treasuries are in demand, pushing yields lower across the curve. The yield on the benchmark 10-yr note is down 12 basis points at 2.81%.

The weakness in commodities today is due in part to heightened global concerns after President Trump announced a 25 percent tariff on imported Chinese goods."

Note: DBC was down well over 1% today, and has pared those losses somewhat (curr at $17.85 -17)

[Daniel]

My guess is not here, not now, for a bottom to this selloff.

..watching the IWM 161 level and QQQ 168.25, for possible inflection points and levels of support.

[fehro]

buckle up for the summer…. VIX >20d/50d/200d/20w/50w/200w

TLT + 2.2%

[rpccharts]

ES Futs 120 Min dont count your chickens yet

[fehro]

buckle up for the summer…. VIX >20d/50d/200d/20w/50w/200w

Fehro, your VIX target will reach by EOD tomorrow...already up 31%..does anyone knows why? are we going to get some news tonight?

Italy is in trouble. new elections in Italy, Italexit next.. Euro done. Italian banks under serious pressure … watch out DB.

[rpccharts]

Haven't even hit the FAVORITE 2666 ES