4-25-2018 – Hanging On

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 It is earnings season this week and suddenly we are seeing the Markets sell down, even when reports do not seem that bad.  Let's do a quick review...

   

SPX APRIL 20-  Last week I looked at the move out of the Feb lows and noticed a pretty drastic sell off on day 13 & 14 below the 50sma, so I drew the SPX chart with a similar drop into day 14, a bounce, and then possibly another drop.

SPX APRIL 23 - Monday I thought that by day 15 we would get our 1/2 cycle low, and then a bounce higher.  The markets were so strong in Oct, Nov, Dec, and Jan that I would expect them to at least make a double top, eventually running to the former highs.  On Tuesday...

SPX - We are REALLY seeing a struggle here to gain some traction.  2553.80  IS CRITICAL in my opinion. If those lows break, this would appear to be  a failed daily cycle.

And in addition to that, I posted this chart in the comments section yesterday.

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April 21st – Not A Whole Lot Of Change Here

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With Mondays trading, we didn't see a lot of change, and our expectations remain the same, so let's do a Tuesday Morning review...

 

SPX  - This should be a 1/2 cycle dip, and we need to see price break higher soon. I expect that it will back toward the recent highs, and if it does, this current action could look like a shake out at the 50sma.  So far, the move out of the lows has been a sideways consolidation.

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