FOR THURSDAY (5/3) Often a weak close for stocks after an FOMC day will be followed by a a sell-off in Euro and Asia, and if you trade overnight, there is reason to sell. We should have a swing high for gold into Monday/Tuesday, a swing low for the dollar, and a recovery high for T-notes coming now.
JUNE E-MINI S & P 500
S & P ANALYSIS FOR WEDNESDAY: (5/3) Stocks did their traditional fake-out rally and then faded into the sunset. Usually Asia and Europe follow bears overnight so sometimes you have to get short in the early night session to get in. Resistance at 2630 and 2640. Any new sale will require stops above 2640. Current pattern does project 2602 but there is bullish RSI divergence on the double-bottom.
CYCLE SYNTHESIS: Mostly lower into May 5.
