Market Analysis and Trades for 4/17
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The weekly post and for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. Link to Market Analysis for The Week Ahead
After the key weekly 5474-5480 spot was effectively capped to begin the week, the loss of 5444 yesterday after noon led to some weakness into the close and we of course got the NVDA 0.00%↑ news after hours. We opened on a true gap down (below the prior day’s low) and this set up the potential for a double distribution week to the downside. In this case the low 5400s was likely to be the upper edge with 5340 as the lower edge.
Buyers held 5346 in the morning, rallied to 5401 and then sold off into JPOW and nearly another 100 handles thereafter hitting a last reasonable target at our 5251.5-5260 spot. From the morning update:
Damage has been done to this weekly profile. While there are technical reasons why an “internal” higher low could form here, there is a significant amount of repair that will be required. Given JPOW effectively said “there is no fed put” I would argue that bulls are under significant pressure here.
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