DailyWatch – May 18th 2016

May 18, 2016 @ 8:58 am

daily-watch-header

S&P futures are down 0.17% in morning trading
Crude oil futures are down 0.19%
Gold futures are down 0.39%
Bond Futures are down 0.17%

 

Turnaround Tuesday hits again. The S&P gave up its gains from Monday. We are still looking at the range of 2030 – 2080 on the S&P futures. We are close to the support level of 2030 as we are trading at 2036. Let’s see if the bulls can stage a rally today.

We have seen the Dow turn to state 2, a bearish signal. We are clearly seeing more indications of stocks turning negative. Keep an eye on the 2040 level in the S&P or 2030 in S&P futures.

This could also indicate a top for crude oil . Crude has reached its resistance at $49

 

 

Stocks that entered State 1 yesterday:

BABA            ALIBABA GROUP HOLDING LIMITED

 

 

Stocks that entered State 8 yesterday:

ADI            ANALOG DEVICES INC

TREE            LENDINGTREE INC.

 

 

Today’s Economic Calendar

7:00 MBA Mortgage Applications
10:00 Atlanta Fed’s Business Inflation Expectations
11:00 EIA Petroleum Inventories
2:00 PM FOMC minutes

 

 

 

To learn more about our proprietary State Modeling and how to use it in your trading, visit us at Key2Options.com

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Capmark Solutions LLC and/or its principals and employees will accept no liability whatsoever for any loss arising from any use of the Key2Options program. The information contained in this blog, or in other related resources is for educational purposes only. Neither Capmark Solutions LLC nor Key2Options, Inc. offer trading advice of any kind.

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