ETF Trading Research 5/6/2019
Had a good day trading long the market and despite the headlines below in this topsy turvy market, should see another bounce after the open tomorrow. We’ll most likely add shares to existing trades.
Stayed away from metals and miners with a mixed market. Slight lean lower with tonight’s data still confirming us on a sell. But we have seen some consolidation that makes me want to trade whatever is up tomorrow after the open.
Nat gas is on a sell still but we are seeing consolidation there too which makes me a little more cautious on the short side.
Both of the above should be trading with the trend overall still till we get a sell signal.
/ES fell to 2911 after hours and now are 2916.50. Our half share trades are down less that 2% (1% considering they are only half shares) so nothing drastic happening.
/ES support is 2885 and it held wonderfully today. Like to see us take out 2950 and work our way to 3000 now.
On the downside, break 2885 and we have another story developing.
This is a market trading on rumors somewhat. Nothing concrete. Trump doesn’t want market to fall. He’ll have nothing to Tweet about being strong if he does, except jobs.