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Next Wednesday we have the FOMC meeting. These have affected various sectors of the market in the recent past, so it may just be a matter of time before we see a change take place.
SPX - Consolidations build up steam and can make for a lasting run. These markets could run higher into the Fed Meeting next week.
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After the 1st round of the French Elections Sunday, we saw price break through many of the trend lines that we were watching.
SPX - This chart was from the weekend report showing that trend line resistance for the SPX.
And we had a break out on Monday, even if I use the peak of the spike on April 5ths reversal. We've seen daily cycles run various lengths, see the 2 boxes drawn below, and so this does have the ability to run a bit higher.
Lat's look at the NASDAQ...
Read More The 1st round of the French Elections are being held on Sunday April 23, and that may temporarily shake up the markets, but so far, things do seem to be lining up as expected in various sectors. Let's review ...
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SPX - On April 19th we saw the SPX continue to be rejected at the 50sma. I mentioned watching that 2322.25, because a break out higher or lower is important.
SPX April 21 - No change yet. The RSI & MACD are improving, but no break out yet.
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