Hello Everyone,
A very choppy sideways consolidation day. Not surprisingly after the indexes were quite overbought as of Friday's close. We still have some MACD divergence to keep an eye via the 60 min time frames of SPX and QQQ. The market is in a strong uptrend, no doubt about it, and with earnings season approaching next week that may further help strengthen the market. That said could the SPX pull back 50 points in the mean time to work off some overbought readings, yes. I think a pullback would get
bought again of course. I think the market will pullback and consolidate sometime in May perhaps.
I did add a few nice trade setups tonight.
have a great night!
Matt
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4/8: SPX DVT = 3970, 2 day candlestick chart 3938
4/5: SPX DVT = 3875, 2 day candlestick chart 3850