The S&P500 ($SPX) fell 0.1% last week, while continuing to trade in a tight range (roughly 4130 +/- 1%) since the start of April. The index remains above the 50 and 200-day moving averages, and is now looking for support at the prior trendline of lower highs. The prior high (Feb.2) is the key resistance level.
2023-04-23-SPX Trendline Analysis - Daily
The ADX signal shows a weak bullish trend in place. No change in price and volume action; the unconfirmed, low volume rally continues.
2023-04-23- SPX Elliott Wave Analysis - Daily - Primary Y (Bearish)
No change in Elliott Wave entering the week. The MACD is on the verge of a bearish cross-over, which would confirm the negative divergence in the RSI(5). Regardless of the count (bullish/bearish), those two data points suggest April 18th was a near-term top. A rally above the Feb. 3rd / Intermediate (X) high of 4196 invalidates the bearish count, while dropping below the Minute [i] high of 4039 invalidates the bullish count.
2023-04-23- SPX Elliott Wave Analysis - Daily - Primary 1 (Bullish)
Important data coming out this week includes Q1 GDP on Thursday, and March PCE on Friday, along with another week of earnings reports.
Best To Your Week!
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Sources: Bloomberg, CNBC, Federal Reserve Bank of St. Louis, Hedgeye, U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics
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