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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)...
Last week, the market had a break-out set up to follow through within the purple count and a much more evil b-wave structure. However, the only chart that took the opportunity was silver, as it rallied and approached the target we had for that purple b-wave. Yet, it did come up a bit short.But, both gold and GDX were unable to muster the escape velocity and turned back down towards the end of the week, which increased the potential that they will head directly lower to complete this leg of a very complex correction.
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.
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