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DAILY MARKET RECAP Thursday May 25, 2017

Posted on Thursday May 25, 2017
Key Developments :

  • S&P Breaks above trading range
  • Next upside target 2024 (almost acquired today)
  • 2 additional upside targets to trade to beyond that.


 

The Bottom Line:  
As we examine today’s chart, we now have 3 technical targets to trade to. First is the cup/handle targeting 2424 which we mentioned in yesterday’s report. Don’t be shocked by a retest of 2400 after that (not a guarantee, but don’t be shocked). Next we have the 2459 Target which is the most important target. That is the 2015 and 2016 trading range target. And finally, (which I give less weight too because of the 2459 target), we have the recent trading range target at 2479, but certainly a possibility in the absence of any bearish price action. So the bottom line is the bullish bias must continue as the market marches higher into the technical targets we have been talking about for nearly a year (the breakout was in July 2016). With that being said I am finding that both longs and shorts are working.

GTT  – Sent this one out pre-market. Really sweat setup that fired off a 10% move today. It gave us an entry right on the open, and then a flag at 30 today. 

FXI – Mentioned in last nights report. Triggerd the smaller cup/handle today, Maintain a 48 target on this one

SUM – Similarly, this one has setup to watch. Needs to get above 27 for another leg higher.

Bitcoin – More educational than anything. We don’t follow currencies too much so we missed this one. But every bullish technical target I can come up with has now been acquired. Momentum can be a powerful thing, but if you are chasing this one, be careful. A pullback will very likely come as smart traders take profits or trail stops


The above is  be used for Informational purposes only. The charts are fact, however my interpretation is an opinion which I am sharing with readers. None of this is a recommendation to buy or sell anything. You must do your own due diligence. 

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