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S&P 500 short-term setup for 5/27/15

S&P 500 short-term setup for 5/27/15

  • Yesterday’s play was to not fade a break, up or down. This turned out to be correct, as the market gapped lower on the open, and did not look back throughout the day—ending in a volatile downtrend day for the entire session.
  • Assume bearish mode for the immediate future; early-morning consolidation is likely today. If we see a tight consolidation for the first part of the day, do not fade a breakout in the afternoon, as an afternoon trend becomes more probable.