Baby Steps, But We Would Like To See More

On an hourly chart, the S&P 500 completed the three basic steps for a change in trend (see pink notations). The intersection of the 100 (red) and 200-hour (blue) moving averages acted as resistance late in the day, which is one reason why we bought in small percentage quantities.

The big picture remains favorable, but we would still like to see a few more boxes checked below. When we showed the table below on April 12, 50% of the boxes were in “like to see” territory. We made some progress today moving to 60%.

Volume came in lighter relative to yesterday, but breadth and up/down volume were very favorable.


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