Having a look at a few key charts

Charts are not about being right or wrong. We are just looking at probability. There is nothing complicated about it. It only becomes complicated when people add their emotions into the equation. Once you understand this you can attain trading enlightenment.

On the SPX daily chart here we can see that volume is not really increasing like it would need to for stocks to fall. The RSI is also still above 50. To be bearish would need to see it below 50.

spx daily volume

SPX weekly is forming a lower high but the MACD and stochastic are still showing upside momentum. This is why I expect we will have sideways consolidation for April.

SPX weekly

VIX daily is under the ascending trend line so that also remains neutral.

VIX daily

JNK is holding above the support. If the support fails then I am looking for a decline below the kumo into the end of April.

JNK

Oil is up ahead of the Doha output freeze talks

oil daily

Dow Transports daily is still in uptrend above the kumo. See if there is any cross back below the kumo by late April.

DOWT

FedEx weekly is forming this double top but the indicators still have some work to do. Looking for a break back below the kumo late April maybe.

FDX

 

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