The rise and fall of the S&P 500

Market Pulse for May 6

Technicals

On the daily chart below, you can see the last trade recommended by TrendTrader and where open trade equity is as of this past Friday’s close. Note that ADX is now above 44 so this is a strong trending market. DI Diff is well over 5.00 at 18.26. MACD is bullish adding divergence from above the signal line and Stochastics have entered deep overbought territory. Watching closely that the market does not get back below 1600. I am waiting for at least a 100+ point correction down. That move will be clearly marked on the weekly chart when it starts.

Click to enlarge.

Have a prosperous trading week.

To read my market views daily you can follow me on Twitter at http://twitter.com/TrendsinFutures

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