Market Review

March ended the month with the S&P500 closing at 1322.70 slightly below the 1330 mark which has been a pivot point area. On the 20 day 4 hour chart the fast band had crossed above the slow band back on March 24 and later price had come back to rest on the slow band to close the month on March 31st. A breakout above this area is what I would call a sweet spot in the market, which I have marked here and which occurred on April 1. It is worth noting that on the Point and Figure chart the pattern is a Ascending Triple Top Breakout also occurring on April 1. Click on chart to enlarge.

A longer perspective shows a 6 month daily chart with price above the slow band and the fast band beginning to cross over.

Finally, a longer 9 month weekly perspective with some trend lines drawn shows that we are at a crossroads. The recent uptrend is not firmly established as of yet compared with the more established downtrend. It will take conviction to break through this down sloping trendline. We will just have to wait and see.