• SP 500 Market Analysis 4-28-15

Technical Outlook:

  • Disappointing day technically for the bulls as SPX pulled back to the descending support level it worked for 1.5 months to break. 
  • Price closed right on the 5-day moving average. 
  • Major support off of the Octobers lows at 2088 if price pulls back significantly today. 
  • Apple had a very strong earnings report and will heavily influence market direction today, particularly with the Dow and Nasdaq. 
  • Massive bearish engulfing candle pattern over the last two days on SPY. 
  • Despite breaking out last Thursday on SPX, the market has been very weak in that move upwards. A majority of stocks did not follow the SPX move. 
  • VIX shot up 6.8% yesterday to close at 13.12. 
  • T2108 (% of stocks trading above their 40-day moving average) saw a significant drop yesterday of 6.2% down to 58.9%. 
  • Uptrend on SPX 30 min chart remains intact off of the 4/1 lows. 
  • Volume was stronger than what we saw on Friday, but overall it was still weak yesterday. 
  • Price pattern on SPY over the last three months is a bit of a inverse head and shoulders pattern. 
  • The market doesn’t care about the economy nor earnings. That is not what is driving it. The market only cares about what the Fed is doing to keep equities propped up. 


My Trades:

Chart for SPX:

SP 500 Market Analysis 4-28-15

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