In this weekend's 343rd edition of Turning Points we have a 12 page note detailing the importance of the signals presented this past week, what the 4300-4600 range could bring for the markets, thoughts on when to turn bearish if appropriate, as well as adding to our largest current portfolio position.
What follows is an excerpt from this weekend's note.
We haven't witnessed as signal rich a market as this past week's price action since the February high
While the S&P 500 ended April with a modest gain of 1.47%, the numerous price signals on display strongly indicate that the first week or two of May should see some significant buying pressure as the remaining bearish arguments get systematically annihilated.
In what has been largely an event driven price environment that may be finally normalizing to more independent price action, there remain a handful of events in the coming weeks that will more than likely blow up whatever bearish arguments remain over the short-term, while simultaneously launching the markets over 4200, creating a significant short covering event.
In the week ahead we have:
FOMC on Wednesday
AAPL on Thursday
Jobs report on Friday
An absolutely huge week of data for both mega-cap tech and the economy as a whole right as the markets are breaching/approaching key technical levels that will force the hands of many.
Already over the past week we have witnessed some key technical breaks taking place that are telling a story of real, sustainable strength. Given the volume coming with the moves, these are by no means inconsequential breakouts.
First up, here is AAPL prior to its report this week.
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