FOR WEDNESDAY: (4/4) Seems like it could be a repeat of last week with a strong Tuesday bounce and then stocks fall apart again. Have to get short stocks again and the other 1-day retracements will be followed by a continuation of the trends from Monday.
JUNE E-MINI S & P 500
S & P ANALYSIS FOR WEDNESDAY: (4/4) Three waves up project 2627.75 if there’s any more movement overnight. We’re inclined to expect a reversal by morning and a continuation of the drop. We saw this a week ago when we have a sharp recovery on Tuesday and then it vanished in a day. We have held onto a core position trade with futures and with SDS on our ETF Timer, as a drop to 2530 or 2520 is coming later in the week.
NEAR TERM: Lower weekly chart support is down to 2284 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: Topping Wednesday; sharply lower into Thursday.