Hello Everyone,
Quick Notes: After consolidating the past two days, the SPX broke it's recent tight range to the upside. The big cap tech stocks (MSFT, AMZN, AAPL, FB, GOOGL) which account for approximately 21 PERCENT of the SPX all closed higher helping the SPX make new all-time highs. With today's push higher there is now some negative MACD divergence on the intraday charts so trail up you stops and refrain from chasing new entries that are overbought.
With the current backdrop (field position), new trade ideas should be played closer to the vest with a likely pullback looming on the horizon early next week. Remain prudent and adhere to your plan.
Precious Metals and Miners all closed higher today extending their recent bounce - some better than others but overall decent bounce thus far. Bitcoin remains coiled and thus something to monitor in the coming days.
Please take a moment to look at the trade ideas.
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4/8: SPX DVT = 3970, 2 day candlestick chart 3850
4/5: SPX DVT = 3875, 2 day candlestick chart 3850
