Daily Update

At yesterday's close, S&P had finished a 5-wave down move with divergence signal in hourly charts and started the corrective retracement. Possibly today, S&P already finished wave A of the corrective retracement. Or there may be little more push tomorrow to finish it. Expectation is to start/continue wave B tomorrow that bottoms into the hourly cycle low at <SP_Day_Hour> and then start another uptrend for wave C to peak into hourly cycle high around <SP_Day_Hour1>. This would be another opportunity to still close any outstanding longs and/or go short again (assuming daily trend resistance at <SP_DT1> is not cleared).

Hourly and 4-Hourly trend is at <SP_HT1>, <SP_4HT1> respectively in S&P futures. Not being able to clear above later level would mean we are already in B - confirmed again by a break below hourly trend level.

US Dollar continues on daily buy signal. Daily and hourly trend is at <DXY_DT1> and <DXY_HT1>. Need to hold above these levels for any uptrend to materialize.

EURUSD continues on daily sell signal. Daily and hourly trend is at <EURO_DT1> and <EURO_HT1>. Need to remain below these levels for any downtrend to materialize.

Tomorrow is full of economic news. Retail sales, Empire State Mfg. survey at 8:30 am, Industrial Production at 9:15 am. Business inventories, Housing Market Index at 10:00 am.

S&P Hourly Chart - 05/14/2019