Key Takeaways

  • Thursday’s rise lifted S&P up to resistance at 4303- While it’s possible a bit more upside can happen on Friday, the risk/reward for trading longs is growing poor
  • AMZN analyzed after Thursday’s post earnings breakdown
  • US Dollar surge vs Yen has reached highest levels in 20 years  
The video in this report is only accessible to members
The video in this report is only accessible to members

The S&P bounce got right to 4303 in Futures before reversing course, and upside from here likely should prove limited technically before weakness reasserts itself and SPX reverses back lower to challenge and break February lows.  The hourly chart below shows how this bounce has transpired over the last couple days as part of the larger downtrend from April.  Overall, while Technology is the only major S&P sector to show positive performance this past week, Tech remains under pressure, and lower by nearly 8% in the rolling 1-month period ending 4/28/22.  Given one final day remaining in the week and month, S&P is set to close down 6.29% for the month, -10.04% for the Year and lies currently -11% off All-time highs.  Bottom line, momentum remains negatively sloped and breadth remains poor.  Thus, recent strength is thought to prove temporary only before prices move back lower to challenge lows.

Sourc...

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