What a great end to the Month of April. Now that the Bulls have regained control there should be some confirmation of action. We would be looking for any small area of retracement and retest to confirm the break of 1,340 on the SPX. Otherwise, the market should be pining toward the 1,430 measured move we pointed out on the 25th.
Nonetheless, the NDX has yet to confirm the elder sisters bust topside as it remains seemingly resistant around the 2,400 Year high levels. If this cannot penetrate early on this week we would expect some gap-fillage of the recent pop’s higher.
May is historically an “Inflection” month – and as Sgt. Phil Esterhaus from Hill Street Blues used to say…”Hay, let’s be careful out there!”