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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.
We have now spent five days below the all-time high, and we have yet to even break the initial support at the 7320SPX region. So, at this point in time, I cannot even say with confidence that the blue wave 1 or green wave 5 is done with its upside. Although, I do suspect it is done.With that being said, I want to remind you that if we have indeed struck a major high, it means we have likely concluded a major ending diagonal structure. And, one of the hallmarks of the conclusion of a diagonal is a very strong reversal.
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