Hello Everyone,

Quick Summary:

Last week began with a downside large downside gap on Monday which saw the SPX retrace to 5102 intraday before closing at 5158.  On Tuesday, the SPX gapped up over 50 points and worked higher during the session and closed near 5288 (9 day EMA).  Then in after hours, the market moved higher still after reacting positively to some tariff comments from Trump which led to a large gap up on Wednesday with the SPX opening 5395.  During the session it moved up to 5470 but then faded late day closing at 5376 (but managed to hold above it's 20 day MA.  On Thursday, the SPX opened flat but managed to hold its 20 day MA and worked higher throughout the day and closing near its highs at 5485.  Then on Friday, after an early morning dip, buyers stepped in at support and bought again with the SPX griding higher all session closing at 5525.  Over a 400 point weekly range as last week, bulls chose to ignore/digest tariff banter including China denials and take price higher for the week.  As discussed from Tuesday onward, the bulls regained short term control and held serve throughout the week.  As a result, several breadth thrusts were produced (not infallible) but a positive sign for the bulls.  With that being said, the SPX rose on declining volume (Wed-Friday) and into Weekly supply so continue to trail up stops in accordance with your risk tolerance/plan. Clearly, this is an extremely fluid backdrop with many hurdles to overcome and some not yet apparent (such as delayed impacts from tariffs and high water marks for megatech earnings only to be determined later) but we will respect the trend until evidence changes. 

Here's a link to Tonight's Newsletter.

Please take a moment to look at the trade ideas.