Stocks Reinforce Support; April 4 – 5 Rally Likely.
Stocks Reinforce Support; April 4 – 5 Rally Likely.
04/03/18 INSIIDE Track Stock Index Update: Stock Indices are consolidating after another sharp sell-off to begin the month. That decline reached key support levels with the DJIA & NQM holding just above their respective weekly 21 Low MARCs.
At the same time, the S+P 500 spiked down to (and held) its daily HLS at 2568/ESM while it was fulfilling the potential to turn its weekly 21 MAC down…On a short-term basis, equities reached multiple levels of support yesterday and were expected to rebound…
That is what took place today and what could spur additional upside tomorrow and a potential test of one or more weekly resistance levels in the short-term (24,446 – 24,472/DJIA, 2679.0 – 2687.0/ESM & 6808.0 – 6849.0/NQM).
Ultimately, however, equities maintain the potential to stretch this decline into April 23 – 27, 2018. In the ideal scenario, that would include those indexes reversing their weekly trends to down – 1 – 2 weeks before that cycle low.”
Stock Indexes reinforcing likely April 2 low. That is projected to spur a sizeable rebound into April 5/6. The action of April 5 & 6 should determine what to expect the remainder of April.
See Weekly Re-Lay & INSIIDE Track for additional details.