No need for a video as there weren’t any material changes in the market since the previous charts & video posted earlier today. A late-session partial fade of today’s rally resulted in SPY closing below the suggested stop of 295.36 with a decent-sized gap below as a potential gap-backfill target this week.
SPY 60m 3 May 18th
Regardless, better fish to fry elsewhere for the time being although the market doesn’t trade sideways forever so I’ll continue to watch those minor uptrend lines on /ES & /NQ as a solid break below both would likely take /ES back down within the range to at least the 2894 level.
NQ 60m May 18th
ES 60m 2 May 18th
The cannabis stocks continue to rally impulsively since the breakout highlighted on ACB (Aurora Cannabis) last week with MJ (cannabis ETF) following through today with a breakout above both the downtrend line & first target/resistance at 12.68. Several of the pot stocks highlighted last week were up double digits today which helps to confirm the bullish momentum in the sector. Daily chart of MJ followed by the previous & updated charts of ACB below (gallery charts will not appear on email notifications but may be viewed on rsotc.com).
-
- ACB daily May 14th
-
- ACB daily May 15th
-
- ACB daily May 18th
-
- MJ daily June 18th
