Hello Everyone,
Quick Notes: Late last week on OPEX, we pointed out that the SPX and QQQ were short term extended after achieving some measured moves. As a result, we suggested some short term profit taking and/or hedges depending upon your methodology. Thus far, we have seen the SPX retrace just over 60 points back near it's 9 day EMA (simple reversion to mean pullback). Now we will see if dip buyers step up to the plate or if support further downside is needed. The intraday charts are
oversold but the onus short term is now on the bulls after making a lower high. We also must navigate reporting season so remain nimble and continue to trade what's in front of you.
The previous metals and GDX continue to work higher but even here the action has been somewhat narrow with the bigger cap miners outperforming thus far. Select names have had decent moves so continue to manage by trailing up stops and let's see if the rally broadens over time. Adhere to stops and look for objective entries (pullbacks near support allowing for tighter stops followed by valid triggers).
Please take a moment to look at the trade ideas.
---------
4/15: SPX DVT = 4064, 2 day candlestick chart 3940
4/8: SPX DVT = 3970, 2 day candlestick chart 3940