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Supports Being Retested As Global Negative Data is Released- May 15, 2019

MARKET COMMENTARY

Whipsaws remain the name of the game as traders fade back to support. Remember, messy charts still hold and the visible crosscurrents mean that markets will reverse on its edges before resuming any trend. Below 2844, sellers are still in charge. Support bounces are important to hold near 2800.5. The edges of weekly importance near 2807 and 2791.5 keep me on alert for the next weekly test zone of support, with a look at 2778 also now on the horizon. This is the same setup as yesterday.

RECAP -Sellers stronger below 2844.75. Buyers want to hold recapture 2836.5 as the weekly candle closes become important again. Breaches below 2800 is likely to create a bit of a battle with failure sending us into the lower level of 2778 noted above

Divergent action still sits below the movement of price on both sides of the trades – long and short – but traders are still looking at deep support edges to bounces.

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DECISION EVENTS

****OUR METASTOCK MAP IS NOW SECURELY ENGAGED SHORT IN THE SWING MOTION BUT THE FORMS SUGGEST TAKING PROFIT AS IT TESTS LOWER AND ADDING BACK AT KEY AREAS OF RESISTANCE.

DEEP DIPS AND WIDE SPIKES IN PRICES ARE ALWAYS A STRONGER PROBABILITY WHEN THE SWING SIGNAL IS AT A CROSS CURRENT TO THE TREND

ALERT – Yesterday we re-engaged in the short at 2844.5 – Looking for a retest of 2826 and 2807 as targets. Stops are (2856.5) -tighter as we could bounce into 2869 .  Holding 2826 will force me to take some profit and trim size significantly

SWING SHORTS OPEN AT 2936.5,

ADDITIONS NOW ARE AT 2844 , 2862  and 2869 regions- RISK WIDENS HERE IN THIS PROVING GROUND ONCE MORE – consider taking profits as we edge lower into congested support.

STOPS ARE VARIABLE BUT BUYERS ARE STRONGER ABOVE 2869 NOW.  

PRICE CONGESTIONS NEAR 2826, 2807 and 2796 REMAIN SWING TARGETS

Divergence and defense of recent lows tell us buyers are still in the fight as sellers engage actively    Here’s a link to the METASTOCK software

IF YOU DON’T JOURNAL YOUR PROGRESS, YOU SHOULD – How about finally starting that trading journal?

 Here’s an easy way to keep track of your progress

PROTECTED DATA SITS BELOW –

IF YOU CAN SEE THIS LINE, YOU ARE LOGGED IN

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