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Markets by Mike Paulenoff 5-24 - Friday's Close Has Added Technical Weight Riding On It

TIGER'S TAKE:  Fortunately the SPY held its own and ended higher for the day and above Mike's support lines.

Friday May 24th, 2019
by Mike Paulenoff

In the event that ES (S&P E-mini futures) manages to spend today's PM session on the defensive (a rarity on a Friday despite last Friday's lower close)-- ahead of a three day holiday weekend, and closes today's session pressing into or leaning on key March-May support residing from 2805 to 2790, its technical position will become increasingly precarious.

Not only will ES have closed in the red for a second consecutive Friday (only the fifth such occurrence in 21 Friday's this year), it will be positioned at the completion point of the Right Shoulder of a potentially powerful Head and Shoulders Top formation.

For the bulls, such a set up will make for a less relaxing Memorial Day holiday... Last is 2825.25


$SPY $DIA $QQQ

Mike Paulenoff is author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!

*  I really like Mike's charts and analysis. This is shared with my readers here via MPtrader.com  *


Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal.

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