4/17 Bearish. 150 Buying | 300 Selling.
T2108 is Bullish – Oversold. Primary Indicator is Bearish – Caution. 20% Weekly is Neutral.
Stocks closed sharply lower amid heavy selling, driven by disappointing guidance from NVIDIA and AMD related to export restrictions, and hawkish Fed Chair Powell comments dampening optimism for policy relief. Tech and mega caps led the decline with the Nasdaq down 3.1%.
Technology and consumer discretionary sectors underperformed, falling 3.9% and 2.7% respectively, while semiconductor stocks saw notable weakness with SOX down 4.1%. Volatility remains elevated as VXX spikes reflect ongoing market anxiety.
Tomorrow’s key catalysts include March housing starts, building permits, weekly initial jobless claims, and the Philadelphia Fed survey—data that could influence near-term market direction amid economic uncertainty.
Key Takeaway:
Traders should remain cautious with bearish momentum dominating near-term price action, focusing on managing risk around key support levels. Watch for potential short-term oversold bounces in tech but avoid chasing breakouts given ongoing macro and geopolitical headwinds. Emphasize tight stops and consider fading rallies in weak sectors like semiconductors and mega caps.
Watchlist
Delay9M: MSTR
20Wk: GPCR, LOVE
CRNX, CEG, CGON
Continuation: IAG (S1: 7.5, S2: 7.75, S3: 8.0, R1: 8.0, R2: 8.5, R3: 8.5)
Anticipation: ASND (S1: 155, S2: 153, S3: 150, R1: 159, R2: 160, R3: 162)
