Intraday Comments & Alerts for Wednesday 5/8/19

6:25AM EST
Both S&P 500 and Nasdaq futures are down sharply from closing price of yesterday.  $SPX $NDX $RUT may be re-testing the low of yesterday Tuesday 5/7.  We are monitoring the short-term indicators.  They are not confirming a bullish mood just yet.

We are not buying back into UVXY right now.  Standing by in cash and monitoring.

10:16 AM EST
Buying some small shares of TQQQ @62.41.
Monitoring to add a lot more TQQQ below 61.5.

10:27 AM EST
We are not observing panic signals.  But half of our short-term indicators have not gone fully bullish yet.  So scaling in shares of TQQQ as $SPX $NDX $RUT re-test the low of yesterday is a reasonable idea.

10:32 AM EST
When we say small, we do mean small.  We only bought 1/10 of our target TQQQ position size @62.41 (see above).

Holding and monitoring as TQQQ is likely to drop down to 60.8.

11:17 AM EST
Not adding to TQQQ position just yet.  All indices have turned bullish for now, but we are monitoring the following resistance levels:
$SPX:     2915
$NDX:    7720
$RUT:    1602

Indices are unlikely to surpass these short-term resistance levels easily.  Instead, they are much more likely to drop from there to re-test the low of yesterday.

11:35 AM EST
From here, $SPX $NDX $RUT are likely to stair step their way up toward the above resistance levels first.  They are unlikely to drop down below the lows of this morning today.

We are treating our small TQQQ position bought at @62.41 as a day trade position.

We may day trade some more TQQQ postions today, but we don't think the current price level is low-risk enough for building a new bigger TQQQ swing trade position.  The next Up Segment in the Up Trend is not fully here yet.

1:15 PM EST
Jumped out of our small TQQQ position @62.76 (bought at @62.41).

Too much turbulence right now for us to day trade.
Price not low enough for building up a larger swing trade position.
If you are in for the long-term, you could nibble some shares here though.

3:30 PM EST
$SPX $NDX $RUT are likely to go up from current levels based on our short-term indicators.  They are unlikely to rise above the following resistance levels:
$SPX:     2915
$NDX:    7720
$RUT:    1602

Once they reach those resistance levels, we should expect turbulence again as they drop down to re-test the low of yesterday. 

Continue to day trade if you want to.  Barring acts of gods and random rogue tweets, $SPX $NDX $RUT are likely to go higher tomorrow.

But don't start building your big swing trade positions yet.  There will be opportunities next week.

3:45 PM EST
Don't hold long short-term positions of $SPX $NDX $RUT tonight.  Looks like a drop tomorrow to Tuesday lows again.