No, We Are Not There Yet

As per the last Exec Spec report 04-07-15 “Are We There Yet” we confirmed Buy side short term signals with the June SP at 2067.75. In the hourly charts sent out Friday April 10th we targeted 2095 – 2101 June SP by early Monday morning. It turns out at 9:15 AM Monday morning the June SP topped out at our target at 2101.25 before reversing sharply 16 points (138 Dow points) over the next 4 hours.   The minor targets were fulfilled with the more important breakout resistance still in place near 2110. While the ADRO remains long, the minor uptrend risks fizzling further should the June SP close back under 2080. The Yen gave a head fake lower Monday morning allowing stocks to reach our target with precision, however the Yen quickly gained strength sapping stock market momentum. It appears that – “No, we are not there yet!”  Hourly charts and one or 2 day forecasts are not our focus, but sometimes we enjoy sharing insight when confidence is high for a large move over a brief period.

June SP 4-15-15

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