This market cannot make much of strong earnings report.
The NAS Comp gaped up over 115 points, gave it back.
Fairly goo Bullish stock index patterns remain but upside is used to sell aka distribution.
Money not working into some Key areas, it has rotated.
over cannot hold an Northside move.
The Key indices have relatively good patterns with NAS Comp, S&P 500, and DJIA forming triangles forming over Key support marks.
Technically, triangles can be positive or negative.
The Key is the index ranges are narrowing over the past 1.5 months and forming ‘points’ to those triangles, that indicates a serious directional move is coming soon, meaning they are going to break North or South, the odds are 50/50.
Some sectors look really good, like Crude Oil, but that is arguably for a different reason than other sector stocks would rally on.
Nevertheless, money is moving toward Crude Oil and it looks like it is still interested in drugs and healthcare.
This is the end of the month and we will see position squaring ahead of May Day on Tuesday.
So, will continue looking North in those sectors that are getting money, and that are under accumulation, eg, Crude Oil, Drugs and Healthcare.
Pay attention in here remember what I said earlier 50/50 North or South at the triangle tips, as it is your money and your responsibility.
Always take what the market gives.
The Bulls bounced back 4.5 pts after a fast declineer. They are falling hard, bouncing with quick sharp bounces, then falling again, similar to the stock markets action.
The Bears were lower but they are holding the bounce higher into the 19’s.