S&P 500: Trading plan for 22/05/17
S&P 500 flushed on the weekly chart due to TRUMP/COMEY/FLYNN concerns regarding potential collusion with Russia. The investigation is pending with details still leaking via WAPO, the latest headlines from the Washington Post late friday was;
"amid this week’s revelations that Trump reportedly asked James Comey, when he was director of the Federal Bureau of Investigation, to drop its investigation into fired national security adviser Mike Flynn and his connections to Russia."
Concerns over Trumps being impeached and the potential derailment of tax reform and infrastructure spending hurt sentiment thereby sending the S&P 500 to a pivot low of 2348 gap fill. We have now stabilized and retraced 75% of that gap hitting 2388 thus far. The weekly chart still holds double top at 2404. Daily chart has held Fib 61% retrace thus far with an unfilled gap at 2401.
10 mins chart remains vulnerable given the unfilled gap at 2365 especially given North Korean test firing missiles again over w/e.
60 mins chart has held Fib 75% resistance after further reports from WAPO regarding the Trump investigation late friday.
"Former FBI Director James Comey will testify before the Senate Intelligence Committee in a public hearing sometime after Memorial Day. CNN reported this late Friday citing a Senate statement.
CNN also ran a story over the weekend citing an unidentified source that Comey will indicate Trump tried to influence him. This is making top headlines but please do keep in mind that the validity of these claims is unknown.
The source seemingly tries to provide context to last week’s Comey transcript that some took to suggest Comey didn’t feel influences. It claims Comey had reached “no conclusion about the President's intent before he was fired… But Comey did immediately recognize that the new President was not following normal protocols during their interactions.”
The father of Comey has also weighed in for a CNN interview.
J. Brien Comey believes his son's firing last week "a Trump deal." The 86-year old says: "[Comey] didn't give him 100% loyalty, and he demands that of people who work with him. [Comey] said he would give 100% honesty, but not loyalty.
On Saturday, the NYT reported that the Intelligence Committee is also seeking another testimony. “Michael Caputo, who served as a communications adviser to the Trump campaign, has been asked by the House committee investigating Russian election meddling to submit to a voluntary interview and to provide any documents he may have that are related to the inquiry.”
Concerns over North Korea will also weigh on Monday
"North Korea has fired another ballistic missile, according to various news agencies. South Korea first reported the test and according to BBC, "the White House said the medium-range missile had a shorter range than those used in North Korea's last three tests."
I will be looking to target the gap below at 2365 .
:smart:
