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Good Tuesday Morning, MPTraders! May 19, 2026: What's on my mind this morning (besides appreciating that I was NOT called for Jury Duty for today!):-- Two trading sessions until Wednesday eve's NVDA Earnings Report...-- The NVDA Earnings reaction (Jensen making the rounds on CNBC, Bloomberg, Fox Business) on Thursday will take the markets into Kevin Warsh's Federal Reserve swearing-in ceremony on Friday afternoon... -- Home Depot Earnings are a big nothingburger for investors this AM, which keeps the stock under pressure and in its bear phase (see below)...
Today, we saw the market move lower; however, we have yet to clear the downside pivots, keeping us in a bit of suspense as we move into the middle of the week. There are a few different ways to count the downside action, none of which are terribly reliable, so for now my main focus is going to be on the larger price pivot/support levels below.As shown on the ES chart, the first pivot level that I am watching comes in at the 7352-7328 zone below.
No matter how many times I warn people about how evil a larger degree b-wave can get, I still see people getting caught over-trading during these environments. And, it is usually because they have not been through many b-waves before and they believe that the death by a thousand cuts (that is typical of trading b-waves) simply will not apply to them. And, while Kermit the frog is famous for proclaiming “it’s not easy being green,” I am sure Barney would proclaim similarly, “it aint easy being purple either.
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