Market Updates

Market Update 05-08-16

Okay — where are we at — what are we doing — and where  might we be going?  Of course, it’s a fool’s game to try and guess direction, but that’s okay.  We don’t need to know the future — only react to what’s happening now.

So here are the charts —

HOURLY

o50616 hourly

The last few days have been down days for the market and we’re under the 50 hour MA — that makes a short term down trend.  So be careful with your short term trades to the long side.

DAILY

spy daily 050616

As you can see we’re looking for a bounce on the 50 day to keep the recent uptrend in tact.  Will this hold?  There isn’t a lot of volume behind the bounce, so it’s looking iffy.

WEEKLY

spy weekly 050816

We have been in this sideways range for over a ear and it’s driving traders crazy because back and forth sideways slop is the worst trading environment.  Hopefully the market picks a direction soon.

TRENDS

  • Hourly – DOWN
  • Daily – UP
  • Weekly – SIDEWAYS

Not the best market for trading — so be careful out there.

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