Both S&P and Dow creeping up to the mid point of their respective inner upward channels and flexing their strength. These markets aren’t out of the woods just yet and with Q2 yet to close out with one more month to go, will we see these markets pop up to the previous highs and safety point or trickle back down like mid Feb/march’s P action. A break of 2723.3 on the S&P and 22931.5 on the DJI I’ll be very bearish, however for the time being strength is being shown.
The following still applies, just updated overview charts:
S&P: If P action closes below the orange line at 2723.3 attention will turn more bearish and watch for market to fall to 2460.2. In this instance will reassess market dynamics as it may bounce in this range or continue to fall
Dow: The same flows for Dow Jones with P action closes below the orange line at 22931.5 attention will turn more bearish and watch for market to fall to 20842.4. In this instance will reassess market dynamics as it may bounce in this range or continue to fall.