S&P 500 rose intraday only to repeat the flush in the power hour – the goods orders data above expectations didn‘t go well with a soft landing. While that doesn‘t change much for swing traders who would still capitalize on the upleg continuation, the intraday opportunities were amply telegraphed ahead and capitalized on by Ellin and myself.The best remaining data bringing more calm to XLF, KRE and IWM, would be unemployment claims, not GDP or core PCE – these would work to dial back the Jun cut odds more so than yesterday from 64% to 61% only. May not seem much, but coupled with USDJPY (great catalyst earlier today) and yields, it has the power to disrupt the buyers.But earlier today, gold clients did well again – just like yesterday when I warned about the coming hit – I repeated the same feat near the premarket gold top today as well – clients are happy!Let‘s move right into the chart (all courtesy of www.stockcharts.com).
S&P 500 and Nasdaq Outlook
Flush through 5,270 again – technical stop hunting as I see stocks sideways to up into Easter. They are simply too well supported by rotations. I wouldn‘t be surprised about a bearish gap once markets open next week – it won‘t be the end of the run though.More By This Author:More Stock GainsSPY To Gain MoreGrowth Over Inflation
