Home > General Market Thoughts > Super Quick Update April 20th, 2011

Super Quick Update April 20th, 2011

April 20, 2011 Leave a comment Go to comments

I have  extreme overbought readings from $NYADV and the daily $NYAD plus the $VIX and all the other volatility indexes blew through their respective lower BB’s today and so you would expect a pause day for tomorrow, under normal conditions.

Obviously AAPL’s earnings, etc., are setting up another rally for tomorrow, or so it seems at 7:20pm ET.

Looks like this rally leg may get some traction. If the $SPX should close above 1339.46 tomorrow, which might be a stretch, then 1344.07 will probably go next week.

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  1. TY
    April 20, 2011 at 7:45 pm

    any thoughts , when we go from oversold on monday to overbought on wed.?tia

  2. Owsley
    April 20, 2011 at 8:07 pm

    light volume pre-holiday trading often favors the upside, and that’s what we’re seeing here. Seems that everyone’s earnings are coming in “better than expected,” which shouldn’t be surprising.

    a lot of people are watching this inverted H&S pattern on the $SPX and while I don’t buy into that stuff, if others think it’s a valid pattern and buy the break of the neckline, which is just above us now, then we’re going higher still.

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