FOR THURSDAY: (4/26) There’s a lot of energy on Thursday and we could see strong movements, and we have a bias toward upward action for stocks but will the trade do much before FOMC which is announcing May 2? That likely means pre-FOMC congestion, and if we are lucky some pattern completions overnight for gold and silver and the dollar, they would set up trades but we’ll soon have to deal with congestion.
S & P ANALYSIS FOR THURSDAY: (4/26) Our sale at 2631 this morning was good for 20 points but quickly came back, and if you didn’t exit you would have been stopped. Late rebound and good numbers from Facebook are creating strength in the after-market. We had the market higher on Thursday and given strong moves at night in Asia and Europe, you may have to buy tonight if you’re going to have any risk/reward. Resistance is at 2654.75 and 2665 and then trendline resistance is up to 2776. We do have a sense that the market is running out of time to fall, and cycles for Friday and Sunday look higher, and only month-end profit-taking may hurt the market on Monday. Market too close to first resistance at 2654, and we may get a chance to buy 2640 or 2632 in the morning but hard to risk at night. The market feels done and T-notes also are due for a rally now into Monday. At worst, the market may retest 2632 in the morning if it can’t accelerate.
CYCLE SYNTHESIS: Higher Thursday; higher Friday and Sunday; topping Monday and retracing.

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