Pre-market update:
- Asian markets traded in a -0.7% lower.
- European markets are trading 0.3% higher.
- US futures are trading 0.2% higher ahead of the market open.
Economic reports due out (all times are eastern): Pending Home Sales Index (10), Dallas Fed Manufacturing Survey (10:30)
Technical Outlook (SPX):
- Friday experienced a heavy sell-off at the upper channel level that also sent price below support at 1873.
- 10, 20, & 50 day moving averages have converged together offering some support to Friday's sell-off.
- 5-minute chart of /ES shows a significant double top heading into today's open.
- In this market, you have to be aggressive with the gains. Take them quick, and don't expect them to last.
- An even bigger double-top pattern on the SPX 30-minute chart has confirmed as well on Friday.
- Friday's volume was much more than what we have seen in recent days.
- April is back in the red for the month.
- VIX back to trading above 14.
- The Market doesn't care about the economy nor earnings. That is not what is driving it. The market only cares about what the Fed is doing to keep equities propped up.
My Opinions & Trades:
- Covered LVLT at $36.65 on Friday for a 3.4% gain.
- Sold JOY at $60.43 on Friday for a 1.4% loss.
- Did not add any new positions on Friday.
- Will look to add 1-2 new positions today.
- Remain short HPQ at 31.99, BAC at 16.08, ADSK at 47.60.
- Short 30% / 70% Cash
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads.
Chart for SPX:
Which stock should you buy in your very next trade?
With valuations skyrocketing in 2024, many investors are uneasy putting more money into stocks. Unsure where to invest next? Get access to our proven portfolios and discover high-potential opportunities.
In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. That's an impressive track record.
With portfolios tailored for Dow stocks, S&P stocks, Tech stocks, and Mid Cap stocks, you can explore various wealth-building strategies.