The Shakedown 5-27-19

Happy Memorial Day!

After the selling we saw at then end of last week, I don't plan on going into Tuesday with gun's slinging. While markets sold off the latter part of the week, there were a lot better charts than I had anticipated after seeing how major indices closed Friday.

However, it doesn't appear the market is ready to turn just yet, but I will be ready when they are. For the SPY, I will be watching the 280 support level and we'll get a lot of clues seeing how that level is handled for the markets near term. The reality is that the market has been downtrending since the hyper-uptrend pattern officially broke on May 7th. We have a huge support area on the helm so it will be interesting to see what develops there.

Have to keep expecting the headline game to continue, so what I have done to combat that is focus my risk down to much fewer names and have been taking a lot more profit at 3:1 than usual. 

EHTH Long