Private – Removing Exposure Today

The trade lasted one more day that expected given the strength of the market.

Negative Price Action Today #SPY #SPX

Waiting for an up move on the EUR/USD which could contribute to add bull pressure to US Indexes. Today’s price action was not healthy for the bulls It was looking better at the close yesterday https://www.mariorandholm.com/2018/05/22/two-gaps-this-week-spx/  

SPY Alert – I did not buy yet

The SP500 just broke higher after consolidation in the last few days. My models are buying  because they do not detect institutional orders at current price levels. If institutions get involve in the long side I will start adding market risk.  

Long term market Update

The SPX and NDX are showing more strength that I expected last few days. Today, we could end up with a bearish engulfing candle on daily SPX. R Option Model still flat even with the strong price action last week. In a monthly candles we are still below the last month close and high. Also

As of the close yesterday no new purchases

Data from Reuters does not show new purchases as of the close yesterday in North America. R Option not adding at current levels. I was not expecting a quick recovery from overnight drop. The model say “stay out” at current levels.      

#SPX #ES GAP DOWN

Hedging long exposure. Gary Cohn, Trump’s top economic advisor, has resigned.   Reuters: https://www.reuters.com/article/us-usa-trump-cohn/white-house-economic-adviser-cohn-stepping-down-idUSKCN1GI2ZS