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Thursday, March 28, 2024

Comment by Phil

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  1. Phil

    SPY  5  MINUTEGood morning!  

    Big upside Wheeeeeeeee! this morning with the futures popping 1%+ as Europe ripped 2% higher right out of gate.  Yellen is speaking at 8:30 but not much hard news driving things, just speculation on more stimulus and, of course, we knew we'd have to make those weak bounce lines by Friday.  I would have rather made slow gains on good volume but we had great volume yesterday, so it was a nice reverse signal.

    This will, of course, be fantastic for all those longs we repositioned to in the STP and, of course, will renergize the LTP and Income Portfolios as well.  

    Bullard Challenges Fed to Respond to Weakening Inflation

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    European Car Sales Growth Revives on Price Cuts

    Renzi Plan to Shake Up Labor Market Seen Helping Italy Recovery

    Putin Threatens EU Gas Squeeze Raising Stakes for Ukraine

    Google Profit Misses Estimates on Slower Advertising Growth

    SPY DAILYSo certainly not new-driven, just a technical bounce and we'll just watch our 5% Rule targets to see if they end up being strong or weak but, per the Big Chart above, we already hit our weak bounce target on the RUT (1,080) and the Dow was nearly strong (16,117) and NYSE made it's weak bounce so all good signs into yesterday's close.  

    • Dow – 15,480 should hold.  Weak bounce 15,824, strong bounce 16,168.
    • S&P – 1,800 should hold.  1,840 (weak) and 1,880 (strong).  
    • Nasdaq – 4,140 should hold.  4,232 (weak) and 4,324 (strong).
    • NYSE – 9,900 should hold.  10,120 (weak) and 10,340 (strong)
    • Russell – 1,050 MUST HOLD.  1,080 (weak) and 1,110 (strong) 

    Today we'll need all those weak bounce lines to hold and at least a strong on the Dow or we'll have to take the quick profits on the short ultra-short calls we have naked.  



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