Founder's Trading Journal Morning Notes – 5/24/2022 by AF Thornton May 24, 2022 0 Comment Good Morning: The market was still a bit tentative yesterday and appears to be on its heels again this morning due to disappointing forward guidance by social media company Snapchat. Today we see resistance in the 4115(SPY 400 equivalent) – 4000 area. Support is at 3900, and then 3960 (SPY 385). We are still on alert that yesterday and Friday’s action still reflects short covering. We need to see some solid follow-through above 4000 to be convinced of a true, intermediate low. Let’s see what the rest of the day brings, but our guard is still up for now. Capital preservation is still the rule of the day. A.F. Thornton
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AF Thornton Website: https://tradingarchimedes.com A.F. "Arthur" Thornton is an expert in logic, risk/reward quantification, market fractals, pattern recognition and asset class behavioral analysis with 34 years devoted to developing algorithmic and quantitative trading systems. In addition to trading his own capital, Mr. Thornton designs custom algorithmic and quantitative trading systems for a small and exclusive group of exceptionally qualified traders.