Hello Everyone,
Quick Notes: Following yesterday's consolidation day (slight pullback), we saw the SPX move up again today to new highs. The real strength today was once again in the QQQ (big cap techs) which made new highs after breaking above their February highs. However, the broader market IWM closed lower along with the DOW and breadth was not great with more declining stocks than advancing stocks on the NYSE and Nasdaq. Lately, it's been a more narrow advance with big cap tech
doing most of the heavy lifting. Ideally big cap tech consolidates some while small cap names catch a bid but this is not a time to get complacent with RSI readings very elevated. Simply put, continue to respect the trend by trailing up stops and be on watch for any signs of a reversal.
Bitcoin and several other crypto currencies had nice days with Bitcoin breaking out of its recent coil. Some cypto stocks had nice days such as RIOT and MSTR which were on our watchlist.
Please take a moment to look at the trade ideas.
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4/8: SPX DVT = 3970, 2 day candlestick chart 3938
4/5: SPX DVT = 3875, 2 day candlestick chart 3850