Hello Everyone,
Another narrow range day for the SPX - started out with a move lower then traded in a roughly a 15 point range (forming a bear flag) until selling off into the close. Some bounce after hours on the WAL news.
QQQ managed to grind to a new recent high today but ended the day with a spinning top candle.
For the balance of the week, traders will continue to focus on the debt ceiling talks as well as Powell on Friday. Lately, it's primarily been a Mega Cap AI move with most other stocks languishing.
ES spent most of the session pinned to the 4135 area prior to the last 30 minute dip (recovered some after hours). Support at 4118 was tested near the close and produced a bounce. Longs need to reclaim 4133-35 to trigger back to the upside. Next support below around 4100-4105.
Administrative Note: I will be traveling May17th-22nd for our anniversary. Best wishes to all.
Please take a moment to look at the trade ideas.
