Send me real-time posts from this site at my email

Today's Trackdown: Thursday - May 23, 2019

  • Brief Recap and Updates on the Markets
  • SPY Charts and some Technical Analysis

In Wednesday's action:

The stock market bounced around with modest losses on Wednesday, with the S&P 500 down 8 points, amid persisting trade uncertainty.


News to keep in mind Thursday morning:

  • Futures trade vs fair value were lower late last night. Dow -154, S&P -19, Nasdaq -72, Russell -11.
  • The biggest factors in the market right now are; Global Economy, China trade talks, Fed speak, and the US Treasury markets.
  • Keep an eye on the VIX - The CBOE Volatility Index spiked again last week, but did has dropped back into the mid-teens.
  • CHINA TRADE WAR is back on - Shaking up the markets.

Today's Economic Calendar:


Quick Notes:     (none)


THE CHARTS:

The markets were lower on Wednesday and the futures a bit lower going into Thursday morning. The technicals are a bit weak now. The MACD was appearing to halt it's decline and the Stochastics are at neutral, BUT the Money Flow is barely positive and dropping. We are also below the 50-day moving average.

Our strong support level is still holding up. As long as we stay above 280 on a closing basis we should be okay going forward.

Currently I see us bouncing around in a 280-290 trading range.

The MACD is trying to bottom out. The Stochastics are neutral. The Money Flow is barely positive and has weakened noticeably.

The 50-day MA (286.77)(+.14) and the 200-day MA (275.51)(+.03)

On the 9-month chart below, the previous patterns are behind us. Shown now are the support levels at 280 and the resistance at 290. We may stay in a 280-290 trading range for awhile.

  • Nasdaq Composite +16.8% YTD
  • S&P 500 +13.9% YTD
  • Russell 2000 +13.6% YTD
  • Dow Jones Industrial Average +10.5% YTD

$SPY $DIA $IWM $QQQ

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.

If you liked this article, please click the LIKE (thumbs up) button.

Feel free to leave any comments, question, or opinions.

Follow us and check back occasionally for additional articles or comments.

With our Daily Trackdowns, additional analysis/observations during the trading day in the comments by us or our readers.

Welcome!!! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue