Minor snapback yesterday failed to break out of this recent downward consolidation range and even better than expected earnings out of AAPL has failed to lift the NASDAQ too meaningfully with Futures now showing just a 0.20% gain in NQ, while S&P is back to unchanged. Yields are lifting fractionally while the Dollar is giving back a bit of yesterday’s gains, while Commodities are lifting with small gains out of both WTI Crude and Gold- Equity trends and momentum remain negative and it’s still likely that prices have a downward bias over the next week before any stabilization and lift into the latter part of May. Early gainers today in HCHC, TRVN, SFLY, SIGA, NANO, SQNS, LITE, EVTC, JNPR, OCN, AAPL, CRUS, GRMN, CHK, CVS, SSODA, MA, MT, while on downside- ESPR, SNAP, DBD, SSYS, YUMC, PAYC, QURE, GILD, TAP, NBR, SEDG, YUM and W
S&P failing when attempting to get back above yesterdays late highs and turning back lower in the last couple hours.
2631 and then 2623 are both important for today. Under would lead down to 2609-11 in a test of 4/25 lows which is expected technically
OVER 2660 would temporarily lift prices and is what the bulls need for a bit more lift. For today the trend seems to favor prices pulling back
NASDAQ futures failed to get up above important 6740 area and now have begun to weaken similar to S&P
6578 up to 6623 are important for NASDAQ
DXY should begin to stall out after the last 9 of 11 days higher and minor breakout of late Feb highs resulted in real acceleration vs Pound and Yen and to a lesser extent, Euro. Momentum overbought and the Euro in particular looks inviting to buy dips, with any DXY pullback in the next couple weeks likely to lift Commodities