The market is coiling tighter as investors wait for news and earnings.
I don’t know if there really is a short-term trend at the moment, but the VIX is elevated so I think that tips towards a short-term downtrend… not that it really matters much.
This chart looks like a cup and handle pattern, maybe? The bulls must like the looks of this. The 20-day is above the 50-day, and the price is pushing up towards a new high.
This chart is up there as one of the most important to watch at the moment. I sense that the market will follow this group up or down.
The Leader List
This is a look at the areas of the market outperforming in the short-term. I marked the items in light blue that are in nice longer-term uptrends.
QQQ and XLK fell off the leader list last week, but they showed strength today.
Outlook
The long-term outlook is positive.
The medium-term trend is down as of March 21.
The short-term trend is down as of April 12.
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