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4/20 Mid-day Blog

S&P broke 2680 early today on Futures which jumpstarted this decline.. And minor 2-week trend violated.. But the larger trend from early April lies right near current levels but could be violated on a close at current levels.  Similar to QQQ.    We are seeing some near-term exhaustion-  but would say UNDER 2650 is a negative for thinking we accelerate. And also for QQQ under 161.    Until then.. Markets might attempt an oversold early week rebound.. But this action is a clear negative with what's happening to SEMI space.. And even on minor bounce.  Would be one to consider adopting hedges and/or shorts into end of month/early May