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4/9 Overnight developments in price, Charts of interest

Markets have bounced off late Friday lows.  And expect that this stabilization effort very well can start to lead stocks higher in the days ahead.

Key will be 2640 on upside  (initially early am Premkt highs 2628)   then 2672.  On downside.. important not to breach 2615 as this would lead to a retest of Friday’s 2584.

Breaches of 2584 would be problematic to the near-term bullish case for likely 24-48 hours and result in a quick retest/breach of Feb lows.   For now.. the combination of near-term oversold conditions, positive hourly momentum divergence,  HIGH TRIN readings, an uptick in fear all could be important in helping prices to hold Feb lows for now and turn back higher

Premkt movers in AVXS, RGNC, GERN, SGMO, BLUE, LUK, PTN, CENX, PCRX, AA, MRK, GM, RIOT all higher..  while on downside-   MNLO, ESNT, YNDX, RDN, MTG, MTL, MBT

 

Bounce off last Fridays lows has stalled out a bit near the lows from late Thursday  and 2620-4 area has importance.  OVER should lead to 2640..

And over that would be quite positive for a move up to 2672   -  On the downside.  UNDER 2613 would lead to 2584… and important to hold Friday’s lows to have a chance at rallying

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DAX-  Quite a bit weaker than US.. we see German DAX still well over 1300 points lower from late January , still 10% off its highs.   The bounce today thus far has stalled.. and closing up by the close would help this to extend, with targets up near 12662.     For now this pattern is a work in progress and most of Europe looks similar.   One would utilize dips to buy near 12k

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CONS STAPLES v SPX-   Another chart to supplement the early morning report.. we see STAPLES ON WEEKLY CHARTS having exceeded key areas of importance and could drive further outperformance in this sector in the weeks ahead.   The break of the long-term downtrend from 2016 would be even more bullish.