Week Ending 5/19/17

Stock indexes have bounced after the S&P and the Dow filled their gaps created on 4/23.  All of them have created gaps above on 5/17 after the Trump allegations, which nothing will come of and look to be getting shrugged off by the markets.  Expecting them to fill the gaps and push above to new highs again.  Oil is back above $50.  Trump is meeting with Saudi Arabia this weekend.  Not sure if anything will come of it but news could make it interesting.

Lots of lines on this one, but all are valid. The S&P filled its gap and has bounce.  See if can break above gap at 2397.5 and continue to new highs.  vW's to 2419.5 and 2441.75 are triggered.  Gap fill will trigger vW to 2465.25 and then will expect vW from 08 crash at 2478.75

The Nasdaq bounced off the area around its last target price of 5566.  Needs to hold above 5534.25, otherwise will likely fill the gap at 5436

The Dow filled its gap on 5/18 and has so far bounced.  Looks like it wants at least 21,255 and if that happens, vW to 21,640 will be triggered.

XLF has bounced from a test of recent lows, and looking to test gap made on the Trump news.  vW to 25.04 is still intact as long as 22.89 holds.

Oil has regained its ma's and closed above $50.  If can continue closing above $50, expecting vW's to $59 and $63.02

If doesn't hold around $44 it could get ugly!  Trump is meeting with Saudi Arabia this weekend.  Any news could make things interesting

Bonds traded slightly up with the stock market bounce, which is unusual.

Gold

The IBB is sitting in between its short and long term ma's.  If falls below longer term ma's, will likely see test of 250 area and possibly vM 223.13 target price.

5/17/17

The Nasdaq and S&P made new highs yesterday, but today fell sharply, supposedly due to allegations Trump asked Comey to stop investigations into Flynn.  This is likely just noise, and markets may have wanted this sell off anyway.    

Note:  ThinkOrSwim no longer offers free quotes from I.C.E, so those will be left out, or from another program.

The S&P fell heavily after making new highs yesterday.  It has entered the gap created on 4/23 and is sitting right at the half gap.  If doesn't bounce from here today/tomorrow, it will likely fill the gap at 2345.25

I expect the gap will get filled regardless, it just may bounce a bit from halfway first.  Expecting it to bounce from the gap once filled.Needs to hold 2117.75 to avoid nulling vW's higher towards new highs.

The Nasdaq still has a way to go before entering the gap from 4/23

The Dow didn't make new highs yesterday.  Has a vW to new highs of 21640 if can hold above 20311

Oil has been trying to bounce back and has taken back its 10ma and 250ma.  Still just below the 50 and 200ma's.  Needs to get those back.  

Copper has a concerning vM to 2.1828 triggered, which is just below the 8/24/15 crash level.  

Gold is regaining its ma's.

Banks fell over 3%, triggering vM to 21.42

If breaks below 22.89, the vW towards new highs will be nulled.

The IBB is sitting in between its short and long term ma's.  If falls below longer term ma's, will likely see test of 250 area and possibly vM 223.13 target price.