Monthly Archives: April 2023

2:00 pm On may consider the Financial Select Sector ETF as a means of hedging against further bank runs.  This memo is for informational purposes only and not a recommendation to buy or sell any securities.   1:27 pm BKX … Continue reading →

2:45 pm SPX is approaching its 2-hour Cycle Top resistance at 4152.26 and has completed its corrective fractal.  A reversal may be imminent. ZeroHedge remarks, “It has now been six months since the S&P 500 made its latest bear market … Continue reading →

7:45 am Good Morning! NDX futures are testing the lower end of yesterday’s trading range at 12930.50 before a bounce.  The oscillations tell us that the rally has lost energy and is susceptible to a decline. Today’s op-ex shows Maximum … Continue reading →

8:00 am Good Morning! NDX futures are hovering near the bottom of yesterday’s trading range, but have not yet broken down.  The swing high was made last Tuesday and a correction of the decline is still in progress.  It appears … Continue reading →

9:45 am BKX, our liquidity proxy, is still hovering in no-man’s land.  It appears unable to rally as the window for that opportunity appears to be closing on day 270.  This may be the last chance to rally to the … Continue reading →

8:00 am Good Morning! Today, Good Friday, is a market holiday, although Federal Employees are still expected to work.  This anomaly may produce some unforeseen results, since the SPX futures market closes at 9:30 am, after the March  Employment Situation … Continue reading →

7:30 am Good Morning! NDX futures probed lower to 12875.10 before bouncing back to breakeven.  The latest rally in NDX has all the appearances of investors charging ahead, looking through the rear view mirror, despite crumbling economic data.  Is Wile … Continue reading →

10:53 am BKX, our liquidity proxy, is heading lower this morning.  Should it reverse above the March 24 low at 76.20, it may bounce to retest the Cycle Bottom resistance at 85.47.  However, a breakdown beneath that low raises the … Continue reading →

2:23 pm SPX may have given us an actionable formation at the descending trendline (and Cycle Top in the 2-hour chart).  There is a clear Head & Shoulders formation where the left and right shoulders are nearly identical in size, … Continue reading →