Weekend Review

Holy Good Thursday. The market really ripped up on Thursday. It formed a big bullish engulfing candle. The market was lead by the WFC news, that they made some money. A few things occurred in the market on Thursday. One being we had a 20/50 bullish cross-over. Now if we have a down day it could cross back but this is still bullish. I also drew in an AB=CD move that I think will be what we see until the end of May. With a pullback to 800 soon.


Update: Just looked a weekly, notice the declining volume we had. Of course last week was short one day but there has been a lack of sustained volume since the first week up.



Look what happen with the VIX. It broke its descending triangle and looks like it wants to head to 36(it's almost there) before any type of bounce. The VIX is definitely looking bearish. Look at the EMA's on it.





MEGA(The original)-
$NYMO still has room to go up before it is overbought.
$SPXA200 keeps climbing
$CPC- is not at a level where the it is too bullish.


Also $SPXA50 it is high but take a look at this chart. Notice the pink triangle, that was in the last bull market. So this indicator could just chop around at these levels before any sell off.



Here is MEGA B:
Still there is no change. The strength in the Upside is stil there.


It's OPEX week and max pain for SPY 80.00.

My game plan for the week:
Add to BGZ position if market moves up, Cover around 800-815, stop is at 880
Go Long SSO from 830-800 (for a longer-term trade)
(Looking at the indicators, a pullback is in the cards but it might not be in the cards at 850 it could be at 869-870, since there is still some upside in the indicators)

FADE ME LIST will be coming on Sunday