I want to highlight two charts before the week gets started...
First is the Dow in the short-term. I outlined a similar move to watch in the S&P 500 on Friday.
The big swings we saw late last week around the tax hike news happened right into the April 21/22 time factors. There was a late-day sell-off into the close on Friday, so I'm still looking at a possible symmetrical move to complete as a short-term play, but it can present a buying opportunity...
A very short symmetrical move would target around 33,585ish as outlined above. We could definitely see this take hold tomorrow/Tuesday and then another rally from there. Also note the RSI and CI at the bottom of the chart. I've labeled two red dashed lines on each...
IF we see the major indexes like the S&P 500 and the Dow break below their respective symmetrical moves, I'll be watching both the RSI and CI for either these support levels or my favorite indicator, the Positive Reversal. Nothing there yet, but it's something to watch especially if these markets make a low into May – a great spot to buy.
This next chart is a specific time factor in the Nasdaq 100. I want to highlight the fact that we cannot assume a big high or big low – it could just be a small correction (similar to last week) before the market zooms higher. This is what I mean...
The blue box marks the time factor to watch. The next one as you can see is May 7-14. This is a big one. Now the last time this happened was last year ( a bit later in May in 2020). The market ran into a high, chopped around, and then zoomed higher (left side of chart with green arrow/trend line higher).
Remember – the 1999 move in the Nasdaq is my favored time cycle. We know from various time factors that I've covered of late to expect an inflection point in May. We cannot assume it is a major high, so I'm looking for more clues to give us insight of what can happen and the time factor above helps us with this outlook. So again, we could just see a pause (like last year and in 1999) before another big rally.
More earnings reports this week, be ready to buy AMD calls if resistance breaks, and the Fed meets again. I'll have two precious metals stocks to watch tomorrow in the WMO.
Lots to focus on this week...
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April 26, 2021 at 08:47AM
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The Dow (Short-Term), The Nasdaq (Long-Term) - Stansberry Research
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