Hello Everyone,
Quick Notes: Bifurcated market today with the DOW/SPX/IWM closing higher while the QQQ closer down. Today the action spoke of rotation from Tech to cyclical names (re-opening play). With that being said, we were looking for some first on the month inflows and no material changes today from our weekend report. Tonight, I will illustrate some of the recent ranges for SPX and QQQ below.
Nice reversal candles today in Gold/Silver and the Miners (GDX/GDXJ) aided by another drop in the US Dollar. Gold and Sliver bounce near their respective 20 day MA's while GDX/GDXJ bounced near their 50d day MA's. Decent start and now we want to see continuation in the coming days. I have added a few names to the watchlist to monitor in this sector as well as a few other trade ideas. Some of the recent short ideas provided some profitable trades today.
Please take a moment to look at the trade ideas.
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4/26: SPX DVT = 4089, 2 day candlestick chart 4025