Remain long stock until trend change, sit back and enjoy!

Ajouté : 2026-05-31

[00:00:00]Good morning, traders. It's Friday, May 29th. Taking a look at the charts, equities are trading a little bit mixed.

[00:00:06]We got the Russell, the small caps down a slightly. Rest of the indices are up positive. We have money flowing a little bit into stocks, a little bit into bonds. We've got gold higher, silver is flat, and oil is down. So, overall, it's a pretty light day, nothing big swinging around yet. We'll just have to see how this market unfolds, but when we take a look at the short-term price action of the S&P 500, we saw on the 30-minute chart, it's just been stair-stepping its way higher. Just little step by step, had a little bit of a pause, a little bit of a pullback, and now it is building a short-term little bull flag from yesterday, and we'll see if it wants to pop and expand, extend higher.

[00:00:45]There is potential for this to pop and unwind into the end of the week. I think there's a lot of people that have been expecting the markets to sell off. It's It's climbing a wall of worry. And I think we could see maybe a little bit of a short squeeze if it starts to run higher, it might have a lot of people short cover their shorts into the close, but we'll just have to take it one bar at a time.

[00:01:06]Now, when we take a look at the Nasdaq, it is a very similar type of chart.

[00:01:09]Nasdaq is up and a little bit stretched more to the right, simply big tech definitely driving and dragging the indices up.

[00:01:17]We do have the dollar up a little bit this morning, but gold is up about 1%.

[00:01:21]So, yesterday, gold had a pretty good swing. It was down fairly dramatically in the morning, and then it ended up closing positive near the highs for the day. Today, it's up about 3/4 of a percent again. So, finding a bit of a bounce again. It dipped down into multi-month lows, down into this level here where the last time it dipped down, we had a very strong bounce that lasted several weeks, actually lasted about a month or so. So, there's definitely some bargain hunters stepping in down at these lower levels. If we take a look over at silver, similar, it poked down, not quite to multi-month lows, but it poked down and had a bit of a bid yesterday getting bought back up. Now, if we take a look at miners like GDXJ, they gap lower and then ended up having a strong session of buying. Again, just money flowing into this space. It was down at support, getting a little short-term oversold.

[00:02:09]And that's kind of what we're seeing there.

[00:02:13]If we take a look at Bitcoin, which we haven't looked at in a little while, it continues to make its stair-step action down, big leg down, giant step or bear flag, another big leg down, making a big bear flag again. It is rolling over, showing signs of some weakness.

[00:02:29]I do still have that downside target around 51,000, somewhere down in that range, which if it was to go down there, it will bring it right back down into these lows over here, somewhere into these peak lows, maybe 55,000. We'll just have to let this pattern continue to do its thing, but the trend is down in Bitcoin. It has a bearish price action. Let's just zoom in for the short-term charts. Short-term moving averages. If we look at the short-term moving averages, they're all sloping down. We've got the 5-day below the 20-day telling us it is in a short-term kind of swing trade trend to the downside. So, I would expect lower pricing in Bitcoin. It looks like it's really fizzling out, not finding a whole lot of a bid here.

[00:03:10]Anyways, that's it for now. Talk to you soon. Bye-bye.