Hello Everyone,
Quick Notes: After yesterday's recovery, all the major indices moved higher today led by big cap tech (QQQ). With that said, the SPX remains range bound (4060-4180) and one option is that it could be forming a triangle. Short term we are back to some overbought readings and saw some give back into the close with price entering a supply zone. Honestly, some consolidation/pullback would be welcome here but we must remain nimble and open minded to a stronger reversal if
sellers re-emerge with a vengeance. With the current backdrop, I posted a couple short term inverse ETF's on the trading community to monitor (consider as hedge candidates). I also have added a few objective long setups to monitor in the coming days if the bulls can hold serve. Lastly, this week is OPEX and we have certainly seen some of the normal volatility that unfolds during this week. Trade what's in front of you first and foremost.
Please take a moment to look at the trade ideas.
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5/20: NEW SPX Daily DVT = 4060, 2 day candlestick chart 4065