ShepWave Pre-Market / Intra Day Update for Wednesday Published.
by ShepWave.com
Posted: 5/16/2017 17:45 EST

So far so good, as far as the anticipated market action this week. The gap up Monday gave us the upward thrust (and overthrow) of the wedge pattern we saw formed last week (in the major indexes; SPX, SPY).

Again, YOU JUST CAN'T MAKE THIS STUFF UP!

So, how many more days should we be anticipating range-bound activity--which we anticipated?  Well, let's just say that the market is in a Hurry Up and Wait mode. But the next move will be here soon enough and should be a sudden move. SEE TRIGGERS.

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 IMPORTANT ADDITIONAL PRE-MARKET NOTES PUBLISHED (8:39 PM ET USA)

Are you watching the Futures for the US major equity indexes? If you have been following along with our recent analysis there are some Island patterns that we have been anticipating. Based on the futures at this time (8:46 PM ET USA), we just may have one of these trading patterns work out. This happens to be one of our favorites at ShepWave.

So, carefully read the additional pre-market notes which have just been added to Wednesday's update.

This could be the spark of a trend change. Stay objective!

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Additional Pre-Market Notes at 9:15 AM ET USA

Futures are down. CNBC had a headline saying it is because of the uncertainty of Trump.

Please, BE CAREFUL assigning causation to such matters. Stay objective. Yes there can be, and often is, a direct correlation of causation between what the NEWS says is the cause and market activity; but if you look at the technicals of this week (e.g. the Island Pattern) there is not always as direct of a link as the news would have us believe.

These additional notes give details on trading this gap. Remember typically we do look for gaps to fill; but under certain conditions such as Island Reversals, we look for them not to fill.

Pay close attention to this morning's notes and analysis.

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9:42 AM ET USA. IMPORTANT INTRA DAY UPDATE PUBLISHED

Today's First actual Intra Day Update has been published. Keep in mind the technicals we are watching as indicated in the previous update.

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 10:18 AM ET USA NEW IMPORTANT UPDATE

We are now moving to our next criteria in confirming today's signals. Read notes carefully.

So far everything is as anticipated.

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Chart from last Friday. The markets continue to be very predictable