{"id":9244,"date":"2019-05-22T09:28:04","date_gmt":"2019-05-22T14:28:04","guid":{"rendered":"https:\/\/www.eoption.com\/?p=9244"},"modified":"2019-05-22T09:28:09","modified_gmt":"2019-05-22T14:28:09","slug":"daily-commentary-may-22-2019","status":"publish","type":"post","link":"https:\/\/www.eoption.com\/daily-commentary-may-22-2019\/","title":{"rendered":"Daily Commentary: May 22, 2019"},"content":{"rendered":"
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FOMC Minutes This Afternoon – Here\u2019s the Expected Reaction<\/h4>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Posted by Pete Stolcers on May 22
\nwww.1option.com<\/a><\/p>\n

A daily chart of the S&P 500 reveals many overnight gaps that reverse the next day. This pattern during the last two weeks is a sign of indecision and we can expect it to continue for at least another week.<\/p>\n

Trade negotiations with China are strained, but a G20 meeting between Trump and Xi on June 28th will keep the bottom from falling out. A US trade team is headed for Beijing next week. Sanctions against Chinese technology firms are likely to increase. The US could add another 5 firms to the blacklist and the market is trading lower on the news.<\/p>\n

The FOMC minutes will be released today. There has been a lot of \u201cFed speak\u201d recently and I\u2019m not expecting any surprises. They are neutral.<\/p>\n

European flash PMI\u2019s will be posted tomorrow and they could also be a non-event. Activity has improved slightly in the last month, but the growth rate is dismal.<\/p>\n

Swing traders should remain in cash. The market lacks a driver and stock valuations are at the upper end of their valuation range. The downside risks are greater than the upside rewards. US\/China trade negotiations have soured and the global economic backdrop is soft. I believe the major moving averages will be tested and we will evaluate support when that happens.<\/p>\n

Day traders should look for early opportunities. The trading range will be fairly tight after the first hour and volume will decline ahead of the FOMC minutes. I expect to see an early range and I believe the market will stay in it the rest of the day. We\u2019re in a pre-holiday environment and the activity will be light the rest of the week. Use the first hour range as your guide and fade the extremes. Support is at SPY $285.<\/p>\n

We are likely to test SPY $277 in the next two weeks.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Market commentary provided by OneOption, LLC<\/a>\u00a0a firm separate from and not affiliated with Regal Securities L.P. Regal Securities L.P. has not participated in the creation of the content, and does not explicitly or implicitly endorse the content.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

FOMC Minutes This Afternoon – Here\u2019s the Expected Reaction Posted by Pete Stolcers on May 22 www.1option.com A daily chart of the S&P 500 reveals many overnight gaps that reverse the next day. This pattern during the last two weeks is a sign of indecision and we can expect it to continue for at least another week. Trade negotiations with … Read More<\/a><\/p>\n","protected":false},"author":7,"featured_media":1318,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42],"tags":[],"class_list":["post-9244","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1option-commentary"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.eoption.com\/wp-json\/wp\/v2\/posts\/9244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.eoption.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.eoption.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.eoption.com\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.eoption.com\/wp-json\/wp\/v2\/comments?post=9244"}],"version-history":[{"count":0,"href":"https:\/\/www.eoption.com\/wp-json\/wp\/v2\/posts\/9244\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.eoption.com\/wp-json\/wp\/v2\/media\/1318"}],"wp:attachment":[{"href":"https:\/\/www.eoption.com\/wp-json\/wp\/v2\/media?parent=9244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.eoption.com\/wp-json\/wp\/v2\/categories?post=9244"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.eoption.com\/wp-json\/wp\/v2\/tags?post=9244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}