SpyHeading in to April The market cycle is upside down.. Usually you see a small correction late Feb- March from profit taking of the holiday rally Nov-Feb.
April is usually bullish then its Sell in may and go away.
Monthly Candle are outside Bollingerbands on Spy, DJI, and NYA.
NYA is the most extended. NYA moved the most closely with IWM and Financials.
Go to your monthly chart.
Now go to NYA and place your bollingerbands; Scroll back the last 20yrs and look at the following month after being that extended.
A correction occured to pull price back inside bollingerbands.
Now thats the technicals, but like i said April is usually bullish and Earnings kicks off with banks and cylicals. So if we push through bank earnings without a pullback then i doubt one will come until May.
Heres NYA/NYSE daily chart.. east uptrend here with No bearish divergence, 18,500 next stop so I'll be looking for a move to 18,500 this week or top of channel
Here's Dow jones daily.
40k incoming then a pullback to support or 39,200
IWM chart.
Closed over 210 friday.
Most likely 214 this as long as price doesnt close below 209 on any pullback. Short at trendline resistance .
Any close below 209 is bearish, short back to 206.
Qqq
4hour chart
Price basically consolidated all last week.. channel Support and 20sma is at 440-441 , so any thing below that is bearish , other wise they'll buy this up
2hour close up.. long over trendline resistance . Short below 440. 441-445 is chop
Spy 4hour chart
Middle of the channel Similar to NYA. Early in the week price could go either way.
Long over 525. Below 523 , 521 is incoming. I dont think price will drop below 520.
Daily candle finished bearish thursday but PCE and dovish Powell could negate that and price could rise instead. Bullish scenario, price pushes pass 525 then we head to channel top or 530 before pulling back to 518 or 20sma
As far as the tech sectors
SMH and XLK both tested there 21ema last week and bounced so dont be surprised if Tech leads the way early. Price in the tech sectors look similar to Qqq, Coiled and consolidated.. lets see what happens..