It was a broadly weak start to the last week of April, with the sp'500 settling -3pts @ 2087. Price action is likely to get much more dynamic into the monthly close, as even the most bullish of bull maniacs will have to accept a basic retrace of the 301pt ramp from 1810 to 2111 is seemingly underway.
re: weekly6: a notable blue candle, although yes, that didn't work out so great at the start of the month.
Re: monthly1b: as ever, a close under the 10MA will be rather important, currently @ 2021. As things are, equity bears will likely have to be content with the 2050/40s.
Sustained action <2040 looks unlikely in the near term. Sub 2K looks viable no earlier than mid May.
China market still struggling
The Shanghai comp' is currently lower by -1.9% for April...
With just 4 trading days left of the month, a close >3K looks unlikely, and that should concern the communists. There is viable downside to the 2300/2200s this June/July. The 'end of the world' doomers will need sub 2K, but right now that looks unlikely.
*I will cover the world markets in depth this coming weekend.
Econ/Market chatter - Mr Long and the infamous Mr Dent
As ever... make of that... what you will. I think its worth watching, but I sure don't agree with all of it.
Tuesday will see a quartet of key data: Durable Goods Orders, Case-Shiller HPI, consumer con', and Richmond Fed'.
AAPL have earnings at 5pm EST... and it'll be one to watch in the early evening.
Goodnight from London