Equities saw a monstrous ramp on tariff related news, the SPX swinging from an early low of 4948 to settle +474pts (9.5%) to 5456.
sp’weekly1b
Summary
SPX: as things are, we’re net higher for the week by +382pts (7.5%). Weekly momentum has started to tick back upward. In theory, it should tick upward for at least 4-5 weeks.
Ohh, and to be quite clear… weekly momentum could tick upward ALL the wave into the late summer.
The bears need to restrain the market to the 5700/5800s.
Anything sustained >5850 would offer a straight run to new hist’ highs.
Lets see how we trade into the FOMC of May 7th.
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Looking ahead
Thursday will see the latest CPI data, consensus:
Headline y/y: 2.6% vs 2.8% prior
Core y/y: 3.0% vs 3.1% prior
Other data: Weekly jobs, US T-budget
Earnings: $KMX $BYRN $LOVE $BSVN $NTIC
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Final note
Some perspective…
The April candle is becoming VERY spiky on the lower side.
I’d note the key 10MA at 5761, as the mid 5700s are very important.
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Maloney chatter
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The Celente… calling it… for what it is.
I don’t expect you to agree with all, or any of it.
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Carlson and AJ.
First… get a coffee… or something stronger.
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Hell of a day
If only for historical purposes… I highlight the following…
via > https://finviz.com/futures.ashx
… and my desktop.
*Minor note… we came pretty close to the SPX 500 settling +500pts.
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… as the clock is ticking… on yours truly. I’d work for Gus… not in the restaurant, but in the lab with Mr White.
Goodnight from London