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Tuesday, May 30, 2017

Market Update 5/30/2017

Many traders are taking the rest of the week off, and that makes it easy for the powers that be to manipulate markets, however, I am expecting a little pullback, over the next day or 2. From there money will be put to work at the beginning of the month, as usual.

This morning we see futures holding support at the upper blue arrow @ 2410. Once that support breaks I'll be watching for a washout to around the  2395 area (where you see the lower blue arrow). If that level breaks, 2385 is key support, and a 50% retracement, of last weeks rally. 

Key resistance on the $VIX is 11. Key resistance on the SPX short term futures (the $VXX) is 15. 

Key support on the Russell 2000 is 1296, with the 50 week ma trending @1300. 

Key support on financials is the 50 day, on the $DJUSFN. I'd be a seller if that level breaks. 

Gold rallied off the 50 day ma, on Friday, but I'm still expecting a pullback to the 1220's. 

Gold miners are a sell, and a devastating wave 3 of 3 is possible. This is probably your best bet if you're looking for volatility, but a short #NATGAS trade is another option.  


The NASDAQ worries me, since it's lead the entire rally, and the $VXN remains elevated and is seen back-testing key support. If you're long the broader market, this is where I'd be hedged, with some short positions. 

Bicoin! Almost forgot about the big reversal in bitcoin. Sell that. Support looks like $265  

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