4/23 Cautiously Bullish. 700 Buying | 100 Selling.
T2108 is Bullish – Oversold. Primary Indicator is Bearish – Caution. 20% Weekly is Neutral.
The market staged a strong rebound, erasing prior losses amid hopes for easing China tariffs and broad sector participation, led by mega-caps and financials.
Financials (+3.3%) and Consumer Discretionary (+3.2%) led gains while Industrials lagged due to defense earnings misses; volatility eased as VXX declined.
Watch for tomorrow’s S&P Global Manufacturing and Services PMI, New Home Sales, and crude oil inventories for fresh directional cues.
Key Takeaway:
Swing traders should lean into the rebound but remain cautious given mixed primary indicators and oversold conditions. Focus on names showing strong volume-backed momentum and respect key support levels. Avoid chasing extended rallies without volume confirmation, especially in lagging sectors. Manage risk tightly around earnings and macro data releases.
Watchlist
Continuation: MCD (S1: 319, S2: 317.5, S3: 314.5, R1: 320, R2: 321.5, R3: 322)
Anticipation: CBOE (S1: 213, S2: 212.5, S3: 211, R1: 215, R2: 216, R3: 218)
