Telegram Trading

Key Algorithm Calculated Support Levels:  4000 (SMALL) / 4040 (SMALL) / 3973 (LARGE) / 3956 (SMALL) / 3940 (MEDIUM) / 3917 (LARGE) / 3900 (LARGE) / 3885 (MEDIUM)

Key Algorithm Calculated Resistance Levels:  4100 (LARGE) / 4085 (LARGE)

Assessment: A relatively flat day yesterday. The FMA closed several positions across its content on Tuesday and then one on Wednesday. The reason was that the algorithm was showing waning bullish momentum. So far that reading has been correct! The S&P ran up to 4080 on April 5th and so far that line has held very strongly. While this market could easily fly higher, the picture would look a lot cleaner with a sell-off to 4000 to fill the gap this week and set a base of support. Ideally this base of support would be at previous resistance around 3973-75. If that level breaks, then we could be on the verge of a larger sell-off, with the next stop being 3930. Let’s see what we get today, but the above is what I am eyeing up right now. I will definitely have a Telegram trade in the near term, but right now I have no interest in going bullish, but selling hasn’t exactly been a good idea for more than a day or two. So, I patiently wait for the stars to align. Good luck in your trades!