Quick market recap for May 29, 2018 ahead of the market open, we have tested 2690 on the $ES_F due to news from overseas from Italy, and possible downgrade to junk. After all this is not the worst for investors as this could mean ECB will not stop their Quantitative Easing (QE). In this week, traders will be keeping an eye on several upcoming economic events, including gross domestic product data on May 30, jobless claims on May 31 and employment data on June 1. The market will also be keeping a close eye on the evolving political situation in both Europe and the United States. Leaving all the FunDamentals Aside, lets get back to technical charts..
We spoke previously on the importance testing a low before resuming higher, and technically we did have that low this morning as we hit 2690. With that said the low has to hold before making a new high and possible target of 2770 and we can project to 2780 on $SPX. – as am writing this update market is trading over 2700.
CURRENT STRATEGY
As for the stock market, we still like the patterns in individual stocks and the stock indices are not bad either, having positions in $MU, $NVDA, $INTC, etc. They can only base laterally so long. Some did make moves on the back half of the week, including some chips, software, tech, drugs. $NFLX as well. We will see if those can continue upside this week as we let our other positions work. Therefore as long as 2700 area holds, we will be looking to add our Bullish plays on $SPY or $SPX via short term calls June or even July, once we break above 2740 with a stop at 2720.
Trade of the Week will be another winner this week with 54.55% profit bringing our portfolio profit to 57% YTD
Please review the following Daily $ES_F chart for details that may impact our trading setup, this chart will be updated closely in the chat room
Again we will give more detailed trade setups and targets, please check us our Chat Room..as low as 15 dollars.. check this link for options
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Seeking Options Team
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