SPX Short term Update April 2017
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Higher low as part of triangle looks more probable now
Nota
Next week pivotal as 2300 support. Generally reflation trade on the ropes but AUDUSD is up which is usually a leading indicatorNota
Large spike in risk off indicators today implies trading low to be made next weekNota
Today very solid accelerating US data supporting marketsNota
Next 3/5 sessions critical. It does seem 2300 is still on the cards. We see whether higher low will hold. Seems something on the downside is missingNota
French election the decider. Of note, MCCL Oscillator has been rising and making higher lows ever since early March. Clearly, supports more flattish correction/consolidation. Also, looks better alternation wiseNota
Ok, it does seem triangle or flat the only 2 options i can think now left for this Wave 4Nota
Crunch time coming next week most likely by 25 based on some indicators. French elections deciderNota
Essentially we need 2 down days to have conviction buy set up based on levels of my risk off indicators. They are already high so clearly any French election turmoil should be causing them to peak
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