Hello Everyone,
Quick Notes: All the major indices closed higher today with the Big Cap Tech Stocks leading the way. With that said, the SPX/QQQ now have some slight RSI 5 divergence so we could see a pullback in the coming days. The SPX is near resistance (top of channel) and has achieved some measured move targets around 4170-75. Next resistance above is at 4185 if it manages to extend into tomorrow where I would look to add to hedges short term. Reminder this is Options expiration
week so remain nimble into tomorrow's close. If a LT player then simply ignore the short term and focus on your plan and exit strategy.
With the current market backdrop, continue to follow YOUR PLAN and trail up stops and/or hedge in accordance with your plan. For those who haven't looked under the hood lately (not just the indices), many stocks have been correcting (see Solars, EV's, SPACs etc) while Big Cap Tech has helped to buoy the indexes. My point is to remain prudent here and adhere to your plan. Lastly, we are in the midst of earnings so be aware of what you own and when they are schedule to
report.
Please take a moment to look at the trade ideas.
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4/15: SPX DVT = 4064, 2 day candlestick chart 3940
4/8: SPX DVT = 3970, 2 day candlestick chart 3940