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/
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.
#SPX Intraday ranges have increase significantly and the VIX is not showing that. Stops and targets should be modified to match current market conditions. VIX CHART
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
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
Trump is set to announce tariffs on steel and aluminum. The rumor is that he will impose harsh duties of 25% on steel and 10% on aluminum from all countries. SP500 still showing negative delta including the new money coming into the market because of the new month The chart on the right
