The markets are waffling a little to start the week with mixed
performance across various sectors, as well as the major indices, but
again – we don’t expect any sort of major selloff soon. That failed sell
signal early last week was pretty paramount, and although the markets
can’t seem to break new ground to the upside yet, the longer they
continue to grind sideways like this, the more and more it continues to
help the longer-term bullish landscape.
Provided below is a daily chart of both the NASDAQ Composite and the S&P 500, and as you can see, we continue to get that flipping back and forth with no real definitive break out or break down. Not yet anyway. However, you can see the NASDAQ is starting to pick it up a little, while the S&P 500 is under a little pressure this morning.
The bottom line is we’ll need the NASDAQ to lead if these markets are going higher, and it looks like that’s what we’re getting now. Assuming the NASDAQ can find another new all-time high as soon as today, we could be looking at another nice leg up to close out the month. If that happens, we could see NASDAQ 6,000 before the end of April.
More importantly, if these markets don’t take a breather and we do find ourselves at NASDAQ 6,000 by the end of April, that could be just enough bullish thrusting to create an awful lot of cause for concern come May. We’ll just have to see how it all plays out, but based on what we’re seeing right now, it’s sure starting to look like that will be the case.
We’ve got oil moving a bit lower this morning following last week’s stabilization of the commodity. Provided below is a daily chart of light crude, and as you can see, it’s simply pulling back a little following last week’s bottom. The key will be if it can hold last week’s low. Even a slight breach and a rally off that level would be fine too, so we’ll have to keep a close eye and see what happens over the next few days.
Assuming it fills the gap we’ve pointed to here, and more importantly can start working its way higher from there, oil stocks could start behaving much better, and that would most definitely be another feather in the bulls’ caps. However, there’s still no guarantee the commodity has achieved a tradable bottom yet. We’ll just have to see how things play out over the next few days.
Nothing new today. Possibly over the next few days though, let’s just see how these markets behave heading into the close today, because if what we’re seeing right now continues, we’re likely looking at another good week for stocks, and once again another good month when it’s all said and done.
Provided below is a daily chart of both the NASDAQ Composite and the S&P 500, and as you can see, we continue to get that flipping back and forth with no real definitive break out or break down. Not yet anyway. However, you can see the NASDAQ is starting to pick it up a little, while the S&P 500 is under a little pressure this morning.
The bottom line is we’ll need the NASDAQ to lead if these markets are going higher, and it looks like that’s what we’re getting now. Assuming the NASDAQ can find another new all-time high as soon as today, we could be looking at another nice leg up to close out the month. If that happens, we could see NASDAQ 6,000 before the end of April.
More importantly, if these markets don’t take a breather and we do find ourselves at NASDAQ 6,000 by the end of April, that could be just enough bullish thrusting to create an awful lot of cause for concern come May. We’ll just have to see how it all plays out, but based on what we’re seeing right now, it’s sure starting to look like that will be the case.
We’ve got oil moving a bit lower this morning following last week’s stabilization of the commodity. Provided below is a daily chart of light crude, and as you can see, it’s simply pulling back a little following last week’s bottom. The key will be if it can hold last week’s low. Even a slight breach and a rally off that level would be fine too, so we’ll have to keep a close eye and see what happens over the next few days.
Assuming it fills the gap we’ve pointed to here, and more importantly can start working its way higher from there, oil stocks could start behaving much better, and that would most definitely be another feather in the bulls’ caps. However, there’s still no guarantee the commodity has achieved a tradable bottom yet. We’ll just have to see how things play out over the next few days.
Nothing new today. Possibly over the next few days though, let’s just see how these markets behave heading into the close today, because if what we’re seeing right now continues, we’re likely looking at another good week for stocks, and once again another good month when it’s all said and done.
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