05/24/2018 Live Update

[Al_Dente]

Small shorts are dicks
They turned red to green in less than 2 days
It’s the buy-to-cover-short crowd that’s to blame (see the 5min charts, not shown)

On a longer view, all the smalls were trying to do here is backtest the Jan high and the May breakout
I’m not ready yet to call it a “successful backtest”
60min

[Al_Dente]

HAPPY HOUR

[fehro]

grinding up .. goes for gap

no gap fill .. not bullish .. rolling over

[Trades with cats]

Two stinking hours clinging to the opening print.

[Cobra]

another breakdown then sharp reversal (green arrow, maybe really we should buy every breakdown), now since it's testing the upper blue line the 3rd time so breakout is a little more likely than down.

[fehro]

grinding up .. goes for gap

no gap fill .. not bullish .. rolling over

what a tease… may pop up into the close to fill it.. or dump and not fill it.

[Daniel]

maybe really we should buy every breakdown

Yes! BTWD! (buy the welcome dip)

[fehro]

TRANSports +150 INDU red… NDX hanging man/tweezer top?

[Daniel]

[The market will be closed on Monday (May 28th) because of Memorial Day. The only people that will be trading after London closes tomorrow will be those that think they can beat the algos in low liquidity trading.

From Stock Traders Almanac:
"In recent years, the Friday before Memorial Day has become a getaway day on The Street, and volume is often diminished and trading uninspired. NASDAQ exhibits a similar pattern to S&P 500 over the same time periods."

It also adds that from 1986-2017 in addn to low volume there has been low volatility and virtually no net gains or losses over that time period. A flatline day, perhaps suited to aggressively range-trading.

[Trades with cats]

So yet another day doing every bodies favorite thing, trying to trade a flat range with low volume. As a trader one can only hope that the Chief-Tweeter will be on Marine 1 headed for his gold courses instead of disturbing the headline reading algos!

[Cobra]

members only update at 3:50 pm
http://www.cobrasmarketview.com/2018/05 ... ay-update/

[Cobra]

well, guess that's it for today. Friday has been generally bull friendly. thank you guys, I'll see you in another thread soon.

before the close, please take a little time to vote for me, thanks. http://stockcharts.com/public/1684859/tenpp

[Daniel]

EWY and FXI closing strong. No summit, no worry.