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SPY popped to a new ATH at 754.00 in pre-market trading on the news that the US and Iran are nearing an agreement on the Strait of Hormuz, but the SPX ETF has since receded to the 751.75 area, again, in what I think is a disappointing reaction to this news... although to be fair, every couple of days we get news that a deal might be done that turns out to be wishful thinking.
Over the long weekend, the market continued to push higher in a very sloppy pattern but managed to push to new highs. This is making the green count the more likely path at this point in time. With that said, I am still leaving the white count on the table for the time being. However, from a practical standpoint, it does not make too much of a difference other than how much higher this can extend.
In the April episode of my Coinbase series, I asked the question of whether the February lows will hold. I expected them to hold until circle-B is completed, and so far they have. However, despite an attempt to reach my B wave target between $230 and $300, this month’s rally failed at $222. On one hand, the failed rally confirms that COIN remains locked in a major correction that may ultimately take it as low as $59. However, it also opens the question as to whether circle-B has already completed, and COIN is ready to drop below $100.
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