Folks-
In all matters I like to cut the chase, and get to the point. Time is precious, yours and mine, and I believe what cannot be said succinctly in a few words, cannot be described in a tome either.
**Please OPEN this post in browser if the email does not come through due to being too large**
And cut the chase we will with these charts below. Weekly auctions in ES EMini S&P500 and Nasdaq NQ. Chart A followed by Chart B.
When I published my previous weekly plan, the tape was screaming distribution to me. The fact that it took until Wednesday, 4/20 and TSLA ER was excruciating for me and I am sure for the other bears.
But look at these highs- 4500 in ES. 14300, just a hairline above my 14234, before these massive-massive declines- S&P500 loses 250 points within 2 sessions. NQ almost loses a 1000 points in 2 sessions. DOW, RUSSEL, everything down.
Look at all these LVN and single prints here while S&P500 shed 250 points in last 2 days. I expect at some point these will be filled and an HVN will form here that may decide if we get to test 4466 from here at the lows or make a dash for 4000. More on this later.
Same story continues in NQ. What a depressing close!
I have been warning about such a collapse all last week. I write everyday to my followers and subscribers and here is just one of those daily newsletters I have been cautioning my readers on this sell off prior to the sell off at 4500!
Even before this week’s softness developed, I became bearish a couple of weeks ago at 4600. I shared a lot of macro and fundamentals which IMO are shaping this action and will continue to shape it.
In this installment I will share a key level on Emini S&P500 for this week. I am also sharing my thoughts on recent sell off in NEM plus my 2 cents on mega cap earnings like AAPL and GOOG. These are HUGE earnings, perhaps the most important earnings this year.