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Stock Market Analysis for 5-10-18 (video)

Technical analysis of the US stock market via SPY, QQQ, ES & NQ E-mini futures. Note: At the start of the video, I mentioned my plan to cover various sectors & commodities as well as trade ideas that stand out at this time. I decided to wrap the video up after coverage of the broad market with a separate video to follow on the sectors, commodities & other potential trading opps that stand out at this time.

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2018-05-10T11:21:37+00:00May 10, 2018 11:21am|Categories: Equity Market Analysis|Tags: , , , , , |7 Comments

7 Comments

  1. hengliu0714 May 10, 2018 12:06 pm at 12:06 pm

    Hi Randy, I am somewhat active in trading, so it will be great if you could keep the small rips and dips trade updated in the trading room. By following your trading (both intraday and swing) I find myself improved a lot in trading during such short period of time after joining this community. Thanks very much to all you guys!

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    • 761001 May 10, 2018 12:14 pm at 12:14 pm

      Co-ask. That will be great

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      • rsotc May 10, 2018 1:29 pm at 1:29 pm

        @henqliu0714 & @761001, will do. Although this current rally could continue, there are some pretty solid resistance levels overhead for SPY & QQQ coupled with some high overbought readings on the 60-min chart. FWIW, I just shorted the Q’s via /NQ about 2 minutes ago but not a usual sell signal such as a TL or other support break, reversal candle, etc. More of a tape-reading, instinctive based read that we’re about to get at least a day tradable pullback to bring the Q’s & SPY back down to at least today’s open (a 1% drop in QQQ if so).
        Can’t say if that will morph into a multi-day or week downtrend but if the market can drop much more than 1% from here & do it soon, it will have broken below those 60-min rising wedge patterns on ES & NQ. As such, this is a day trade that I might allow to morph into a potential “runner” swing trade, depending on how the markets trade the rest of today.

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        • rsotc May 10, 2018 1:33 pm at 1:33 pm

          Turned out to be a little more than 2-minutes by the time I got that reply off. Shorted NQ at 6967 at 1:22pm ET, stop at 6992. Min target 6893.50 but may trail down stops, depending on how things look from here.

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    • rsotc May 10, 2018 1:40 pm at 1:40 pm

      @hengliu0714 Tagged your username wrong incorrectly (using the letter q instead of g) when trying to include you in the reply to @761001. Just wanted to make sure that you get a notification of the reply. I will post potential setups for any of the micro-trends in the trading room. See my previous comment to @761001 for more details, including a very early, short entry here for what could prove to be the early stages of the next micro-downtrend lasting days or weeks although we don’t have anything remotely close to a sell signal yet. If the trade starts to pan out, I will add to it but only after a clear & impulsive break below the 60-minute wedges.

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      • hengliu0714 May 10, 2018 1:58 pm at 1:58 pm

        Thanks Randy. I saw your reply above so no worries, and I did not even notice your typo in my username. Thanks for the update once again

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  2. brandk3 May 10, 2018 12:38 pm at 12:38 pm

    This really helps me with my own analysis also. I respect your opinion.

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