Two short trading weeks lie ahead as the Easter holidays begin. On Thursday, Nordic exchanges will close and Europe, the US, Hong Kong and Singapore will close on Friday, explains Ian Murphy of MurphyTrading.com.
US exchanges reopen next Monday, but most of the others will remain closed until Tuesday.
In addition, Q1-2021 ends on Wednesday so the accountants will start crunching the numbers for earnings reports, which will flood in from mid-April onwards.
Last Friday, the US Help strategy triggered again as stocks making new lows dropped significantly across the board. The entry triggers are shown above with green vertical lines.
One thing of concern with this bounce is the lack of new highs on Friday. Looking at Composite Help above, if the S&P 500 (SPX) starts trading above 4000 but there is no significant increase in new highs, we will be setting up a huge bearish divergence (pink dashed lines), a very negative sign.
Stay safe and trade safe!
Learn more about Ian Murphy at MurphyTrading.com.
