Thursday evening saw some Trump inspired drama (not surprisingly) via Twitter...
That was an outright shock to the mainstream, with US/world capital markets swinging lower.
US equities opened significantly weak, with a morning low of sp'2750.. a full 204pts below the May 1st high. Indeed... most will have already forgotten the start of the month saw a new historic high. The afternoon saw considerable price chop, with the closing hour breaking (if fractionally) a new cycle low.
Volatility picked up, but the VIX only saw a high 19.72, and settling +8.1% at 18.71. Today certainly didn't see any panic, but some can be expected this summer.
A bearish May settlement
The sp'500 was net lower for May by -193pts (6.6%) to 2752. This was notably under the key 10MA, with a settling red Elder candle, the first since Dec'2018. Underlying macd (green bar histogram) cycle is ticking back lower, as price momentum remains negative, and is increasingly favouring the bears. Soft target is the lower monthly bollinger, currently at 2519.
|A moment of peace, before Trump arrives next Monday|
Extra charts in AH (usually around 7pm EDT) @ https://twitter.com/permabear_uk
Goodnight from London
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