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ADP Payrolls, EIA & Recession News- May 6, 2020

MARKET COMMENTARY– In whipsaw trading, yesterday, the major indices moved from resistance back to support and is testing resistance once more. Gold still holds above 1700, but barely and in whippy trading- dipping below its moving averages of interest. A cautionary note remains there. We do have the payroll numbers just ahead of the employment numbers ahead and the jobless claims ahead tomorrow. The oil inventories are ahead as oil continues a massive rally. Recession drums beat louder.

The dollar spiked sharply again this morning and dancing near 100 in continued volatility.

WEBINAR LINK IS IN THE PROTECTED AREA OF THE BLOG – Please login and scroll down for the link.


If you feel you need some help understanding how price moves, remember you have the COACH’S CORNER for video review

The morning bounce from Sunday holds steady after a dip yesterday into old support zones. Please remember to orient your prices relative to the current environment and resist the urge to collapse your view to micros views. There has been little to dissuade me that the summer ‘wait state’ is ahead as we sift through carnage for another quarter.

NEW chart share links for ES_F , NQ_F , YM_F , CL_F , GC_F – levels here for download to the ThinkorSwim platform


This week’s password is BlueSkiesGreyClouds

LINK FOR TODAY’S TRADING DATA EXCEL SPREADSHEET – please note this requires a new password each week and that password is BlueSkiesGreyClouds

WEBINAR LINK FOR THE WEEK BEGINNING May 4, 2020– NO WEBINAR ON FRIDAY – I will be out of the office on Friday – and completely out of pocket – again, working with a property of mine in a sale state and need to be present with the transaction.

Bearish bounces at the first pass from resistance to support but buying pressure is holding. Levels near 2714 to 2692 make the wide ranges of support where we are seeing players and the 2854-2929 range looks like front line resistance for now with a BIG LEVEL FOR THE BUYERS TO TEST AT 2882 which we are revisiting once more today.

Traders will be whipsawed trying to engage, so choose wisely. if you find yourself being chopped up, widen your time frame.

Here’s a link to Target Rich Trades and the METASTOCK software

Intraday LONG trading from support edges like ABOVE the VWAP or tight moving averages will give you the least risk event for engaging – removing your trade at resistance will allow you to participate – understanding that countertrend bounces can be swift and sharp but will likely fail under the broken structure of the market.

Intraday SHORT trading from resistance edges like the old highs or bigger moving averages will give you the least risk event for engaging. Follow the candle trend until candles stop breaking higher.

Here’s a link to the METASTOCK software– you can have your own copy of Metastock to run these tests and setups using Target Rich Trades.

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