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SPX 4400 unless BIDEN TAX crashes market


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#1 dTraderB

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Posted 26 April 2021 - 10:00 PM

Unless the BIDEN TAX comes into reality or has a good chance of doing so, or there is an unscheduled unpredictable unknown geopolitical event, there is no stopping SPX 4400 in May 2021. 

Busy day in NQ daytrading but relatively quiet otherwise;  small profit, rather narrow ES range, but NQ was far more bullish. Needed that weekend rest after a wild week. 

And, the calendar this week is pack, big tech earnings.... 

 

Sentiment Speaks: The Biden Tax Is Going To Crash The Market
Apr. 25, 2021 8:00 AM ETDDM, DIA, DOG...321 Comments144 Likes
Summary
  • Many news followers got caught looking the wrong way due to the announcement of the investment tax hike on Thursday.
  • Following news will often get you whipsawed.
  • Markets are driven by emotion and not logic, so one needs a way to track how emotion drives our market.

So, I will make this easy for you this coming week. Our smaller degree support is in the 4160/70SPX region. As long as that holds on Monday, I am looking for the market to rally up towards the 4240/50SPX region before we see another pullback to set us up for the next major rally to 4300+. But, if we do not hold 4160 as support early in the week, then we will likely re-test the 4095-4120SPX region before we begin the next rally to 4300+.

In other words, 4095-4120SPX is the new upper support for the market, and our targets remain 4300+ as we move into the month of May. In fact, 4095 may become our new support floor for the rest of 2021 depending upon the action seen in the coming 3 weeks.

https://seekingalpha...to-crash-market

 

 



#2 dTraderB

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Posted 26 April 2021 - 10:02 PM

CARL:

 

The SCI for the Nasdaq Composite Index is in terrible shape. The first panel below the Nasdaq Tracking stock (ONEQ) is the Silver Cross Index, and it is 46% below where it was in February at the previous all-time price high. How can price be making a new, all-time high when less than 50% of stocks are participating? Well, the Nasdaq has a lot of cats and dogs that are trying to drag it down, but the Nasdaq is cap-weighted, and it also has giants like Apple, Amazon, and Microsoft that hold it up. Nevertheless, we can see where previous negative divergences ultimately resulted in price declines of various degrees.

45840a6d-617a-433e-8e7c-977758e534b8.jpg

In the remaining panels on the chart are other indicators from different data sources that have similarly objective breadth assessments for other time frames. Without going into detail, we can see that they all are diverging negatively from the price trend.

https://stockcharts....ly-dis-660.html



#3 dTraderB

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Posted 26 April 2021 - 10:05 PM

ST: 

LUMBER leads the way !

Commodities continue to be in the news, and rightfully so.

While lumber is getting all the headlines, commodity participation is broad. The 252-day rate of change for the Bloomberg Commodity Index just crossed above 46%, a level last reached in 1980.

The question we should be asking is the following: Does the current surge represent the initial stages of a new commodity bull market like the early 1970s, or does it represent the typical post-recession recovery roadmap? 

When we look at major commodity contracts and measure the percentage of them with a 252-day rate of change of 50% or more, we can see that the percentage has reached the highest level since the 1970s. Never before in the past 50 years have more than half of them jumped by 50% in a year.

20210424-142109_1619274068344.jpg

Trouble is, this hasn't been sustainable.

When we look at other instances when the year-over-year change in the Bloomberg Commodity Index was very high, the index showed further gains over the next couple of months only 2 times out of 12 precedents.

 

https://www.sentimen...his-in-50-years



#4 dTraderB

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Posted 26 April 2021 - 10:06 PM

AAPL did a 7-1 split just before getting into the DJIA in 2015, a peculiar split amount which took it close to the average price of the DJIA stocks then. Today the average price of a DJIA stock is 172.16, which would mean a 20-1 split for AMZN if it wants to hit that number.
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Charles Gasparino
@CGasparino
· 9h
BREAKING: Traders says an @amazon stock split is likely in 2021 possibly as early as Thursday when co reports earnings catapulting @JeffBezos significantly ahead of @elonmusk as the world's richest person as move would allow $AMZN to join the Dow more now @FoxBusiness
 


#5 dTraderB

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Posted 26 April 2021 - 10:07 PM

ADAM:

On March 28 when Nasdaq #NQ was 12,800 I posted it formed a textbook bull triangle with 13,700 &14,300 targets and its well on its way Since the April 16 peak, its been basing around ~14,000 forming a bull flag. This should take it 14,300-400 shortly, and take $SPX with it
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Adam Mancini
 
@AdamMancini4
· Mar 28
All eyes on Nasdaq #NQ_F next week which has so far lagged $SPX but finally looks setup to start participating in a much bigger way: Its formed a clean, two month bullish symmetrical triangle Breakout at 13,100 targets 13,700 then 14,300. 12,500 must hold though or pattern fails


#6 dTraderB

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Posted 26 April 2021 - 10:08 PM

SPX 4400 next week if this is true!

 

 
 
$AMZN to announce 10 to 1 split after the earnings this week? Is this true?


#7 dTraderB

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Posted 26 April 2021 - 10:09 PM

Lowest put/call ratio since 2/22


#8 dTraderB

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Posted 26 April 2021 - 10:11 PM

Heard on the Street: Airlines say summer leisure fares are getting close to 2019 levels, signaling the end of pandemic bargains


#9 dTraderB

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Posted 26 April 2021 - 10:12 PM

This is where I got that SPX 4400 

 

Reality is 4,400 may trade by end of May/early June if 4059 isn't taken out this week (imo). We were long from 3666, 3728, 3843, etc. all very crucial swing lows given & updated in realtime. Trading is a game. Try to become a better player everyday.


#10 dTraderB

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Posted 26 April 2021 - 10:13 PM

It's a booming economy, 7% GDP growth!

 

"We just don’t have enough servers.” Restaurants are offering signing bonuses and wage increases to attract employees, but they still can't fill thousands of job openings.