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Tuesday, April 18, 2017

Market Update 4/18/2017

Wall Street rallies on "low volume", led by banks (yahoo linked)

Gold, & oil down, financials up 1.5%. Pretty much got it right on all counts.

Not sure what all the buying into yesterday's close was about, but it already looked like the end of wave 1, where I called it a "sell" (at 2343.25). I think the market needs to build a base, before we're off to the races.

SPX - DCS chart. I'd like to see it pullback to the low 2330's, and paint an inverted hanging man doji, or a long legged doji.

$SPX - 120 min chart.   I hope we don't end up trading in this range all summer, but that's usually how it goes.

Looking at the 1 min chart, key support is 2342, & again at 2333.

The bears aren't going to like the next chart, but the Global Dow has broken out to new highs, and successfully back-tested support. Seeing it up in pre-market.
$GDOW - The Global Dow (GDOW) is a 150-stock index of corporations from around the world (wiki)

Oil - watch for support on the $USO @ $11.

We could see some big moves in either direction, with the $VIX at these levels, so stay vigilant.

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