The market endured a terrifically flat day on Friday after a week of selling, resulting in an inside day. The futures are indicating a green open, my inclination is to look for a spot to fade the gap up into key resistance, I definitely won’t be rushing to buy. With 2 days to Quarter end we could be quite choppy but I don’t think we go too far in either direction unless something big hits the tape (Iran, Greece etc…).
$TRIB failed at its 200sma, but still holding in reasonably well considering the carnage in the Biotech space. It is equal parts frustrating and constructive, I think a 20.00 break is on the cards soon.
$SPY inside day hi-lo 205.95-204.90. 207.00 is significant resistance, I want to fade this gap if it sets up on the 60min chart. Possibly drifts up for the next few days so be patient and disciplined! SHORT
$CL_F looks good to me if it holds 46.67. 48.00 is shaping up to be good support as well. An Iran deal is the major headline risk for it at the moment. It is in no-mans land here at the moment. LONG
$EURUSD is rolling over again a retest of 1.05 seems likely. SHORT
$GBPUSD similar to the EURUSD but weaker, 1.46 seems likely. Consensus at the moment is that whoever wins the election is bad for Cable which seems odd to me but reinforces my view that the sellers are in control until at least May 9th . SHORT
$IBB 341.49 level to watch into month end. NEUTRAL
$AAPL Still the go to asset in the market, looks like it is forming a new base in a large uptrend. Be patient. LONG
$BABA really beaten up but trying to build a base. 87.00 is the first level to break from to confirm the base, I am looking for an entry. LONG/NEUTRAL
$FB held retest of the 82.00 could be just starting a larger move, may need some time but target trend days. LONG
$GPRO really beaten up, 44.00 a big level, has been showing signs of life in spite of the market conditions, worth paying attention to. LONG
$TWTR Frustrating couple of days as it tries to hold 50.00, I like it long term but could be market dependant. Had an inside day on Friday hi-lo 50.89-49.94, watch those levels for clues LONG
$TSLA I think any strength can be sold unless 200.00 is retaken with authority. Target 120.00. SHORT