FOR MONDAY: (4/9) What’s next? Too many potential tweets and China statements to take new positions. We sense that much of next week is lower for stocks and higher for bonds and gold, and we’ll play that way. Have a restful weekend!
JUNE E-MINI S & P 500
S & P ANALYSIS FOR MONDAY: (4/9) Patterns suggest a bounce to the 2620 region before another 52 points lower to at least 2568. Cycles most of next week seem lower so we’re assuming at least 2520 and 2500. Hard to put in orders over the weekend break. If 2568 hits quickly, a 3-wave bounce could go back to 2620 before the next spill. Our day-trade service had suggested shorts near 2650 and 2656 but always hard to play these volatile days.
NEAR TERM: Lower weekly chart support is down to 2400 if 2400 gives out. I suspect we just have to stay short until Tax Day or some major intervention. We have to see how low the market falls into mid-April and then we can decide if the seasonal highs into May and early June have a chance to make new highs.
CYCLE SYNTHESIS: Lower Sunday/Monday; bouncing Tuesday; lower into Friday.
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