The bulls came into the week on the brink as the pullback from the previous Friday continued into Monday. With economic news light and 1Q earnings starting the following day, Wall Street wanted no part of the dip buying as a number of slick talking pros said THIS would be the selloff the market has needed to see.
We talked about the wiggle room the bulls had coming into the week and although support was “stretched” into Tuesday, we mentioned there were bullish signs developing as the bulls cut their losses into the close.
The suit-and-ties called the rebound a “dead cat” bounce and were still cautious ahead of the Fed’s meeting minutes on Wednesday but they were wrong. The market rallied on the Fed minutes to clear resistance that served as prior support.
Thursday’s session started flat despite a fantastic jobless claims number and we figured there would be a back test to support – but it got ugly. There bears pushed Tuesday’s lows and then some leading to Friday’s climatic rush to safety. We mentioned the bulls were on the brink and the bears threw in the kitchen sink as the indexes closed at key support levels.
This week promises to be just as exciting as the bulls will try to counter with what’s left in their arsenal heading into the heart of 1Q earnings season. (continued…)
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