SHORT-TERM: CLUELESS
No idea about the market direction, let’s see tomorrow. Up huge I’d be in bull camp while going down I’d stay with bears.
I see a Symmetrical Triangle formed on the SPY intraday chart, so could be one more push up tomorrow morning. I don’t expect the push up to be huge though because QQQ may have done its 3 push up and now is on the way to fulfill the 2 legged down pattern.
INTERMEDIATE-TERM: SPX NOW IN 1352 TO 1381 WAVE 5 PRICE TARGET AREA, WATCH FOR POTENTIAL REVERSAL
Maintain what I said in 05/06 Market Outlook. Need pay attention to the possibility that wave 5 ends while primary wave 3 sharply down has started. Still just an attention, not even a warning though.
SEASONALITY: BULLISH MONDAY, BEARISH FRIDAY
According to Stock Trader’s Almanac:
- Monday before May expiration, Dow up 19 of last 22, average gain 0.6%.
- May expiration day, Dow down 12 of last 20, average loss 0.2%.
For May seasonality day by day please refer 04/29 Market Outlook.
ACTIVE BULLISH OUTLOOKS:
- 09/27 Market Recap: 9 POMO within 20 trading days means 14%+ up in 3 months.
- 03/11 Market Recap: Bullish in 3 to 6 months.
- 04/21 Market Recap: QQQ weekly Bullish Engulfing is bullish for the next 6 weeks.
ACTIVE BEARISH OUTLOOKS:
- 04/21 Market Recap: SPX will close below 04/20 close soon.
- 05/06 Market Outlook: Bearish in 2 weeks.
HIGHLIGHTS OF THE OTHER ETFS IN MY PUBLIC CHART LIST:
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