Knock! Knock! Knocking On Heavens Door

Wednesday, May 25th, 2016, was a big trend day for the S&P 500 following the breakout from a bullish flag a day before. Week before, on Thursday May 19th, the index had made a bullish hammer. Then it consolidated for couple of days. Then on Tuesday May 24th, it formed a large upside range day followed by a breakout the…

Market Diary – Thursday, May 26, 2016

Directional Bias For The Day: Odds are higher for the market to stay in a trading range A break of 2092.00 (S&P futures) to the upside may take the it to April high A break below 2080.25 may put it back within the trading range in which it stayed since April 29th. Watch the opening range and first hour of trading…