Technology comeback is quite positive, while Energy breaks down Array ( [cookie] => 596a25-805399-724db3-06fc84-1cfaa6 [current_usage] => 2 [max_usage] => 2 [current_usage_crypto] => 2 [max_usage_crypto] => 2 [lock] => 1 [message] => [error] => [active_member] => 0 [subscriber] => 0 [role] => [visitor_id] => 208285 [user_id] => [reason] => [method] => ) 1 and can accesss
No change from yesterday- Both Treasuries and Equities look to be getting back in sync, as the gains in Treasuries over the last few days should constitute the start of a large pullback in yields, which might last until August. As discussed, the rally in both SPX and QQQ initially looks to extend into May as part of a larger rally, either in August or October of this year. SPX targets initially look to materialize between 5650-5700. While some backing and filling is possible in May, I don’t suspect it will prove too meaningful following this recent surge. Moreover, our April low should represent the possible low for the year, given the ongoing subdued levels of sentiment despite a 15%+ rally off the lows since the 4/7/25 bottom. As discussed, the combination of Technology having stabilized and shown good leadership off the lows, coupled with cycles bottoming, improved Elliott-wave structure, and meaningful breadth improvement in April, are all positives towards thinking our rally can extend while most are ready to take a victory lap. Overall, the improvement in Technology cannot be underestimated and many of the Magnificent 7 stocks have traded up to important levels (and in some cases, have already exceeded them heading into earnings).
Wednesday’s reversal was seen as a technical positive given that early losses occurred on very negative market breadth. April’s final day of trading coincided with strong 0DTE (0 Days til Expiration) option activity that might have exacerbated movement through the session.
However, as detailed in the intra-day Flash Insights, the SPX and NASDAQ/QQQ’s ability to have recovered the prior swing lows (5548.75 for S&P Futures, and 19485 for NASDAQ futures) was important and positive structurally. This suggested technically that the severe downside shock very well could have been just a one-day affair only as Elliott patterns improved on the ability to recoup those levels.


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