The S&P 500 joined the Nasdaq at falling below its 50-day moving average.
Our game plan is to sit tight and manage existing positions.
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The Nasdaq Composite continued its selloff with another gap down on Monday and a close well below the 50-day MA.
If the 13,320 level is unable to hold then a test of the March low is likely.
Commodity-based stocks continue to lead while tech struggles.
Oil, coal, gold, and agriculture closed out last week’s trading with bullish action.
There are no new official setups for Monday. Just a heads up, US markets will be closed on Friday, April 15.
$DBA moved out last Friday and is one to keep an eye on for a potential pullback entry to the rising 8-day ema. This is not an official setup.
$CF is one of the strongest stocks in the market and part of a top 10 industry group.
Thursday’s inside day creates an entry over the high of the day.
There is one new official setup for Friday in $CF. Note that we canceled the $WEAT entry but its still a valid setup with an entry above Thursday’s high.
$CF is one of the strongest stocks in the market and part of a top 10 industry group. Thursday’s inside day creates an entry over the high of the day.
$HCC is not an official setup but is worth watching for an entry over the high of Wednesday’s tight-ranged inside day. Note that the price is pulling back into the 10-week MA on the weekly chart.
week.
The high of Wednesday’s inside day is the buy entry plus a few cents. Our target is around the $12-12.50 area.
$DFS is forming a ledge, which is what we call basing action in a downtrend when the moving averages are stacked to the downside (20<50<200).
The highs of the ledge stalled just below the declining 50-day MA and is now in chop mode setting lowers highs.
The S&P 500 and Nasdaq Composite sold off on higher volume and erased all on Monday’s advance and a bit more. The selling increases the odds of further chop and a possible test off the rising 20-day ema in both indexes (and 200-day MA in S&P).
The false breakouts and breakdowns below support/resistance the past few months has created a wide trading range.
