Hello Everyone,
Quick Notes: After the open, we saw an early dip in the SPX back near its primary pivot (4160) where buyers appeared and stair stepped the SPX up near 4180. Then around 1:00 pm EST news broke concerning the administrations capital gains tax which seemed to catch the market by surprise with the SPX selling off sharply over the next hour down to 4124 which was followed by an oversold bounce back to 4146 and a drift range bound drift into the close (4135). The bullish view would be
an abc type correction completed (or near completion) to be followed by another rally back up. Bearish view would be a lower high and the start of a deeper correction. During this uptrend Friday's have tended to be bullish culminated by an afternoon push so let's see how things unfold tomorrow.
Yesterday Bitcoin put in a reversal candle on its daily chart after finding resistance near its 50 day MA and now declining 9 day EMA and as of this report has continued lower down near the late March lows of 50,400. There was a rumor (tweet) floating around the street about Yellen proposing a 80% tax on Bitcoin gains but to the best of my knowledge was not confirmed. However, what matters is price action and it has moved lower since that time.
Please take a moment to look at the trade ideas.
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4/21: SPX DVT = 4089, 2 day candlestick chart 3940