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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)...
The market has seen very sloppy wave action over the past several days and has yet to give us confirmation that we have indeed put in a top in either the wave 1 or larger wave (5). We are trading up today after moving lower overnight but are still trading under the key resistance zone that is keeping the b wave retracement count on the board.
Earlier this week we had a nice "royal setup" in Dow Diamonds (DIA). We saw a healthy pullback in this name and saw support anywhere from 490.24-492.56. The actual low was made at 492.49 which was directly within this cluster. It triggered for a swing trade on both the 15 and 30 min charts with the 8/34 ema crossover, and today (Friday) we've already met target 2. We saw a rally of $15.40 from the low. If we do continue higher, target 3 is 517.81. With 2 targets met very quickly though we are ratcheting up stops now.
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