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Thursday, March 30, 2017

Market update 3/30/2017

Let's keep it simple this morning 

Key short term support on the major indices:

$SPX  1 min chart. Short term support 2355. Looks like wave 4 bullish consolidation in a tight range. This consolidation can continue into next week, before breaking out and taking out our 2370 target.  

$DOW 5 min chart. Support looks like 20575

DOW 30 min chart: More support @ 20540

The Russell 2000

$RUT 5 min chart. If the Russell was seen breaking out this morning, 1975 would become support, but I'm going to bet it pulls back to my lower triangle line around 1358. To be honest I don't have a good handle on this market.

REITS (IYR) - see the right shoulder on a bearish H&S pattern. To be honest H&S patterns usually don't play out accordingly - in a bull market - but this one might... Interest rates to rise suddenly? And Gold tends to move in the same direction as REITS, and you know what I think about gold.
Very short term support on Semiconductors is the thin pink line, and at the lower blue line, around the 995 area, as tweeted last week.  Good example of a chart that's still trending up. Stop hunt looks like 991. Once this channel breaks, look out below.

That's about it. Looks like stocks want to head higher, once money is put to work in April. Gold, Silver, and REITS, and Treasuries, could get crushed. Tech is being stubborn, and probably the most rigged market of all. Take Care, AA

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