Weekly is bearish and daily is near support - Market Roundup 18th May 2019
Channel: Trading Profitably
Date: 2019-05-18

Weekly is bearish and daily is near support - Market Roundup 18th May 2019.

Instruments Discussed: $USO/$CL, $GLD/$GC, $SPY, $QQQ, $DIA, $IWM, $SSP, $MXL, etc.

After the false upside breakout that I cautioned about in previous market roundups, the market pulled back. The weekly Backdrop color is bearish for two weeks now. 

Based on the market and sector rotation analysis of previous market roundups, you could protect profit in long positions and take profitable short trades. I shared several bearish trade ideas in our traders' forum, and most, if not all, of them, has hit the profit target.

Nine sectors declined, and only two went up. The two that went up are defensive sectors. This sector picture is also telling not to go on a buying spree. It is telling to protect profit in long positions.

In the current market situation, you may find low-risk shorting opportunities more quickly than buy setups. However, be mindful that several of the market ETFs are near Memory support. If the supports are broken, you may look for short trades more confidently. Until then, it is best to be frugal in shorting stocks.

Whatever be the market condition, you can always find low-risk, high-probability trades in where the market, industry, fundamental, and technical forces are aligned. This week was no different. You may visit our forum (http://forums.SuperiorProfit.co) for regular and live examples of such 360° trade ideas. 

This video is a demonstration of the way Superior Profit Community members trade Stocks and Stock Options using CUE systems to generate consistent profit from the market.