Thursday, 21 April 2016

How will April close?

There are just seven trading days left of April, and as ever, the monthly close will be important. Equity bears look in dire trouble, as there is threat of the market closing at/near the highs, which would be suggestive May will see new historic highs.


Nasdaq comp', monthly


*its been an annoying day... and I'll keep this brief.

Even if the market starts to cool from today's highs, its going to be pretty difficult to get a monthly close under the recent gap zone of 2065/61.

For me, the low of sp'2033 is very important, and until bears can attain a few daily closes in the 2020s or lower.. there can be little confidence of much lower levels.

Looking ahead

Thursday will see the usual weekly jobs, phil fed', house price index, and leading indicators.

The ECB will meet, with a Draghi press conf' around 8.30am EST.

Goodnight from London