Market levels are going to be important in the coming week. 

  • A classic Bear vs Bull standoff is now in play after a 30% rebound in April followed by the S&P reversing late last week from important resistance between the 62% retracement of the Q1 decline and declining 200-dma’s.
  • Technical levels are likely to be very important in the coming 2-weeks. 
  • Most US equity markets closed at or slightly below their short-term trends defined by 15-dma’s on Friday with the S&P futures breaking below that key short-term trend support this morning.
  • Noteworthy: S&P futures have been basing since their lows at  9pm ET,  and at the risk of stating the obvious, Europe’s weak trading (-2-3+%) is catch up to the US given most were closed for May Day. 
  • Bottom line: Key support between 50- and 1000-dma (~200-week sma) - We view the broad band of support between the 50-dma and the late March highs near the rising 200-weeks. S&P E-minins (2640-2717), S&P cash (2637-2757). 




Charts below:
S&P Futures
S&P Cash
Russell 2000

The video in this report is only accessible to members


Source: Fundstrat, Bloomberg Optuma

The video in this report is only accessible to members


Source: Fundstrat, Bloomberg Optuma

The video in this report is only accessible to members


Source: Fundstrat, Bloomberg Optuma




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