The State of the Trend
Let's pick-up right where we left off two weeks ago, and focus on intraday price action. SPY continues to trade within the Cyprus box, despite a short-lived breakout attempt on April 2nd. That box continues to define the bullish and bearish trigger levels going forward:
While the intraday trend is flat, the daily, weekly and monthly SPX and DJIA trends remain up.
Despite breaking below the box at the open on Friday, the Qs managed to claw their way back in:
Their future direction is closely linked to APPL which, at the moment, sits right on support:
The intraday flat action in the major indices takes place in the context of a regular, cyclical downturn in market internals. At the current rate they should bottom in a day or two:
Try to keep that in mind if you find yourself getting overly bearish.