By: Jeff Cooper
Hit and Run Morning Stock Report: April 20, 2023
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Another Save On The River Styx?
The point of the science of technical analysis of markets is the notion that markets have a language that telegraphs where they are headed next.
To wit… that the market and hence its trends are orderly.
The VIX continues to hang around where it was when this Bear Market began in the first week of January 2022 when the consensus estimate for the SPX to close in December 2022 was around 5000 amongst the best and brightest on Wall Street.
There is little new information and little to add.
It was another day of Jello -- directionless on the 9th consecutive day of below-average volume.
When all was said and done after shedding nearly 30 points intraday the SPX closed virtually flat.
The McClellan Oscillators for the NYSE and NAZ lost ground and the Summation Indexes are now close to turning down again as the McClellan O’s fall below zero.
After the close TSLA reported and skidded 10 points to the 170 support region flagged Wednesday morning.
Futures shed point count accordingly.
Saves on the River Styx have become routine but I can’t help but get a sinking feeling about Friday’s monthly Opex.