According to my risk summation system, the days this coming week with the highest risk of seeing a turn in or acceleration of the current trend in the DJIA are a window stretching from Monday the 22nd of May through Tuesday the 23rd morning and a window on Friday the 26th.
Last week the Monday risk window looked good with a gap at the close, but then petered out after just one day to the downside, so it goes in the dud bucket. The judge is still out on the Friday risk window. It did tag the high for the week. As to whether it will amount to more than just a hill of beans awaits trading early this coming week.
The QQQ triangle finally broke nicely to the upside when everyone went all in on the big tech names since no one's going to stop making their cell payments in the coming recession.
Now that the triangle is broken, there are just three little questions still remaining I guess: (1) will there be a pullback that tests the top line just broken before the Q's race on to Nirvana and (2) is there any significance to the focus of the triangle and finally (3) will the big boys finally open the gate back up and let the little guys into the party since the small cap breadth triangle below is clearly heading in the wrong way.
Finally, are you as tired as I am of watching all the monkey motion around increasing the debt limit? A pox on both their houses. At least the stock market is more or less ignoring it this time around. If the news media would just stop reporting on it, maybe these publicity hungry clowns would wrap this three ring circus up and go home. You just know all they are going to end up doing is kicking the can down the road yet one more time.