How About This Bounce?

By Monica Kingsley of MonicaKingsley.co

Trader & Market Analyst • Apr 19, 2024 at 9:28 AM EDT

Bonds though didn‘t clearly follow the downside, meaning the downswing would likely stall today, and the oversold bounce would be more ready to develop in the nearest days.

S&P 500 buyers did put up an early session fight, but were of course much to clients‘ satisfaction overpowered – and that concerns also Russell 2000 as Nasdaq performance continued being dismal with financials, industrials, energy and materials keeping acting weak. Bonds though didn‘t clearly follow to the downside to say the least, and that to me means the downswing would likely stall today, and oversold bounce would be more ready to develop in the nearest days.

Let‘s move right into the charts (all courtesy of www.stockcharts.com).

S&P 500 and Nasdaq Outlook

S&P 500 and Nasdaq

S&P 500 declined through my first target of 5,080, and on Israel attack news did slide through the second target of low 5,0xx (I prefered 5,015 but it didn‘t hold). Declining volume and deeply oversold levels though increase the odds of a bit of technical reprieve in the selling in the days ahead.

More By This Author:

Failing Bounces
Stabilization Attempts
The Great Turn Called

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Disclaimer: All essays, research and information represent analyses and opinions of Monica Kingsley that are based on available and latest data. Despite careful research and best efforts, it may prove wrong and be subject to change with or without notice. Monica Kingsley does not guarantee the accuracy or thoroughness of the data or information reported. Her content serves educational purposes and should not be relied upon as advice or construed as providing recommendations of any kind. Futures, stocks and options are financial instruments not suitable for every investor. Please be advised that you invest at your own risk. Monica Kingsley is not a Registered Securities Advisor. By reading her writings, you agree that she will not be held responsible or liable for any decisions you make. Investing, trading and speculating in financial markets may involve high risk of loss. Monica Kingsley may have a short or long position in any securities, including those mentioned in her writings, and may make additional purchases and/or sales of those securities without notice.

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