Key Takeaways

  • Minor stabilization occurred Wednesday and more might be in store given FB’s after-market lift.  Overall, this bounce should prove temporary for US equity indices.
  • Key for AAPL and MSFT will be holding above March lows ~ 150 for AAPL.
  • Heating oil surge to new highs is following-through given huge inventory drain.  
The video in this report is only accessible to members
The video in this report is only accessible to members
The video in this report is only accessible to members
A minor bounce might continue a bit more into Thursday/Friday, as FB’s positive after-hours lift has successfully recaptured March lows (As of 5:30pm EST in After-market trading).  However, trends and momentum remain negatively sloped for US indices, and bounces should lead to selling opportunities back down to test February lows, in all likelihood, which might begin next week.   Daily charts of S&P’s front month Futures contract illustrate the minor bounce attempt on Wednesday as part of the very severe downtrend from early April.  White lines have been drawn to show support and resistance for this recent price action, and this looks to be a very tricky spot for a high conviction play in either direction with prices down near March lows.  Above 4240 would lead to 4300-3 with a maximum push to 4350.  Meanwhile any loss of 4157 would be very negative and lead back down ...

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