Key Takeaways

  • Friday’s about face should lead to an upcoming test and break of February lows
  • AMZN’s outsized decline could be buyable temporarily at 3850-75
  • Favorite Longs and Shorts are listed as investments to consider heading into May
The video in this report is only accessible to members
The video in this report is only accessible to members

Markets have reversed course after just a minor three-day bounce attempt and are now set to retest monthly lows which should happen into next week.   At current levels (4158) SPX would make the lowest close since last May to close out an ugly month, which saw SPX lose over 10%, while the NASDAQ loss has exceeded 13%, the worst monthly loss since 2008.  Overall, while losses are severe, it’s early to consider buying dips, and I expect a break of February lows at 4114 which should lead down to 3815-50 before finding much support.   Momentum and breadth remain poor, while sentiment has not yet seen proper evidence of capitulation.  At present, more and more of the Technology “Generals” have fallen by the wayside, and this is putting huge pressure on technology.   Bottom line, a defensive stance remains prudent until indices can officially “washout” and show some more concrete evidence of stabilization. 

The video in this report is only accessible to members
Key Takeaways headin...

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