Summary
A massive net monthly gain, having broken a new hist' high of 7219. The April candle is bullish engulfing, suggestive May will see at least some degree of further upside. Monthly momentum has turned back to positive. A monthly settlement above the key 10MA (6757).
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Summary
The second consecutive net monthly decline, settling powerfully lower by -5.1%. The first monthly settlement under the key 10MA since last April. Monthly momentum weakened for a fourth month, settling negative for the first time since last May.
With negative monthly momentum, we have a monthly SELL signal.
Natural target is the lower bollinger, currently 5291, if due to adjust upward to the 5300s as of April 1st. There appears 'comfortable' downside to around 5700, which would arguably equate to Dow 40K.
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Summary
A high of 6993, if cooling back to 6775, and settling net lower by -60pts (0.9%) to 6878.
Monthly momentum ticked lower for a third month, due to turn negative as of April 1st.
Monthly RSI remains an overbought 74. Another monthly settlement above the 10MA, as the m/t trend remains bullish.
S/t alarm bells if <6600, which would take out the monthly 10MA and daily 200MA.
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