I'm posting this here because IHUB is down right now. Sorry if it's too wiggly
SPX near term will likely test 1187.60 SPX, the area of the 20-EMA on the daily as well as the .382 re-trace off the 1229.1 highs to the 1163.7 lows yesterday.
Price would ideally back off from that test and test the support at 1179.70-1180 SPX. A consolidation above that level could yield a slightly green day, let's just say 1183 SPX as a guess.
stockcharts.com[a,a]daclyiay[dd][pc9!c13!c20!d20,2!c50!c200!b200!f][vc60][iLa4,9,5!Lh5,5!Li10,10!Lp14,3,3!Ll4!Lo14!Lb14!Le5,10,1!Lh89,34!Lh45,17!Li180,68!Lp3,2,2!Lb5!Lya7,14,28!Ld20!Lc20]&pref=G
For Friday, ideally we would start out neutral, back off to around 1180, then rise up to close the week around 1190.50 or so, possibly surpassing that level during intra-day.
For early next week, I think we may be bracketed between 1190-1200 the first 4-days, then move up to 1210 by the 11th or 12th, then back off to 1195 or so, finishing at 1200 SPX on April 15th (Tax Day).
I'm mentioning the SPX because I think it's the easiest index to read right now. I'm also mentioning it because significant re-traces may be hard to come by over the next 2-weeks as we do volume tests of various levels in the context of this move up during expiration. |
