2021-04-11-SPX Trendline Analysis - Daily
A strong showing for the S&P500 ($SPX) last week. The ADX shows a strengthening, bullish trend taking shape, and a few more distribution days fell outside of the 5 week window, improving the count.
In the minus column, trading volume hasn’t accompanied the rally higher, it’s trended lower. The S&P looks extended from the 200day again, but not from other technical trendlines. The old upper channel becomes relevant again would support additional headroom.
2021-04-11-SPX Elliott Wave Analysis - Daily - Primary 1
The Elliott Wave count remains the same as the past couple of weeks, showing the S&P in the third wave of a Minor 5.
Friday's rally into the close put the Dow Jones Industrial Average, S&P 500 and Nasdaq 100 at all time highs. Word on the street is that lots of funds were shorting the market (because, you know, it hit 4000, a round number), and had to cover. Monthly options expire this Friday, so we could see an uptick in volatility in the very short-term. Longer term, market volatility continues to drop, seemingly supported by a buy the dip mentality.
Earnings season begins this week with some big financial firms releasing their Q1 numbers (e.g. JP Morgan, Goldman Sachs, etc.).
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