Short-Term Momentum

By Chris Ciovacco of Ciovacco Capital Management

Registered Investment Advisor (RIA) • Apr 24, 2019 at 11:28 AM EDT

Given the duration and magnitude of the current rally, concerns still remain. However, Tuesday’s session did provide some notable short-term shifts on the S&P 500’s daily chart.

This week’s video outlined some signs of slowing short-term momentum in the S&P 500. Given the duration and magnitude of the current rally, concerns still remain. However, Tuesday’s session did provide some notable short-term shifts on the S&P 500’s daily chart.

(Click on image to enlarge)

The comments via the video clip/link above regarding the same indicators on the S&P 500’s weekly chart still apply. The market has provided numerous forms of “be open to higher highs” evidence over the past 90 days; some examples can be found here. We will continue to take it day by day, keeping an open mind about all outcomes, especially over the next three to six weeks.

Disclaimer:

The opinions in this document are for informational and educational purposes only and should not be construed as a recommendation to buy or sell the stocks mentioned or to solicit transactions or clients. Past performance of the companies discussed may not continue and the companies may not achieve the earnings growth as predicted. The information in this document is believed to be accurate, but under no circumstances should a person act upon the information contained within. We do not recommend that anyone act upon any investment information without first consulting an investment advisor as to the suitability of such investments for his specific situation.