Market Observations for 4.30.19

SP00s (pre-opening comments) – the SP00s start the day with slight gains, though off the highs of yesterday…

Today is the beginning of the FOMC meeting that will conclude on Wednesday, so we may see a stall in this range, then a spike in volatility Wednesday, with a breakout one direction or the other – me thinks it will me be upward, with that last target of ~3040 in its sights…

For now, the ST trend remains upward – note I moved the UTL to give the SP00s a little more room to work (that’s always subject to market conditions)- my SAR swing system remains long from 2910… watching.

 

 

 

SP00s – At the 10:00 am bar here in Denver, the SP00s dropped nicely in a corrective leg, and have recovered nicely also – thus the reason we wait for the bar to close for the signal …

This kind of noise is why I moved over to the 240-min bars for the main chart on my SAR swing system… the change on that UTL was also needed, as the momentum indicator line would have been a reversal otherwise…

At this point, another leg down like this morning’s will cause a reversal, without a nice move higher first…

At the time of this post, my SAR swing system remains long from 2910… watching.

 

 

 

SP00s – At noon MST the SP00s have gone positive on the day, and if you check the signal line closely, you will be able to see that the momentum indicator line hooked just slightly above its UTL…

Depending on how the remainder of the day plays out, will determine whether my momentum signal generates a reversal or not… for now, the ST trend remains upward… watching.

 

 

ROTATION – As you can see here with a look at the three major US indices, today is another day of rotation, rather than correction…

For now, we continue to give the benefit of the doubt to the bulls… watching.

 

 

SP00s (post-closing comments) – the SP00s end the day at new ATHs, on the release of Apple’s better than expected earnings…

This morning, when the SP00s were down, I said: At this point, another leg down like this morning’s will cause a reversal, without a nice move higher first…

So there’s the nice move higher, and between now and tomorrow’s FOMC meeting ending, we may see another round of churning/consolidation before the next rocket takes off higher…

For now, the ST trend remains upward, and as of this post, my SAR swing system remains long from 2910… watching.

 

 

BITCOIN – here’s the BTC daily chart, showing a potential bearish flag formation, and with the momentum indicator line approaching the zero resistance level range, this could be a ST terminal formation that will take the price back down to the base of the flag pole… watching.

 

 

SP00s – BOOM… 2960s… the trend is your friend…

My SAR swing system remains long from 2910… watching.

 

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