Market After The Open - Monday 8 April

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Thursday Is The Boss Of Monday, For Now

Simple test as to whether the market is bullish or not - are Thursday’s highs turned into support, or not. If not, bearish. If yes, bullish. I would like to add all manner of highfalutin analysis of US T-bills, SPY inflows and outflows, earnings, buybacks and whatnot but it seems to me that Thursday’s high getting put in the rearview - in a good way - is the simplest test for bulls. So far, not.

So with that in mind let’s check in on our usual charts - we cover the US 10-year yield, the S&P500 in three incarnations (SPY, ES, UPRO), Nasdaq, the Dow and the Russell ditto (unlevered ETF, futures and 3x leveraged ETFs in each case) - plus some sector-specific levered and unlevered ETFs. We do this daily for our paying members here, whether you are a member of the Inner Circle or our Market Insight membership tiers.

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Short- And Medium-Term Market Analysis

The charts below consider what-if the selloff isn't done; what's a reasonable line of support for the S&P, the Nasdaq, the Dow and the Russell? Speaking personally I remain hedged approximately 2:1 long:short both the S&P and Nasdaq, because I think the dominant direction remains up (hence 2 parts long) but I am concerned about continuing short-term weakness (hence the 1 part short, which I am to cash out for gains if they present themselves).