The bulls can make it happen here as April quickly comes to a close.
Last week the bullish reversal signal came through for the market, and while, it hasn’t been a clean ride, some substantial improvement in the market’s technicals can be had here.
At this moment, despite, testing the 200-day moving average on SPX and SPY yesterday, 52% of stocks are still trading above their 40-day moving average.
- Small caps are looking at gains for the second straight month, even though that hasn’t been the case for large caps.
- The VIX is still below 20.
- SPX has put in highs-lows since the February bottom was put in place.
All of these things and more, are positive developments for the bulls to seize upon.
They just need to do it. Price action needs to confirm all of the bullish divergences we are seeing right now.
