The NYSE Hi-Lo index is on an aggressive sell signal. I would like to see it remain beneath the 50-day moving Average at 130.08 by the end of the day. The prior low on March 20 was 37, so this morning’s 33.00 low constitutes a breakdown.

MUT’s retracement rally was stopped above the 50-day Moving Average at 142.00. It is now working its way through the 50-day toward the Lip of a Cup with Handle formation. JNK also has a clear Cup with Handle formation with a surprisingly low target as well. I am hard pressed to determine whether these targets will be met in late April or the end of June, but they will have a very high (96%) success rate once the Lip of the formation is crossed.

SPX fought and lost the ascendancy of the trendline for the Broadening Wedge, triggering its activation today. Despite the cluster of supports beneath it, the 50-day Moving Average at 2064.94 seems to be the next target.

VIX seems to be in recovery from a close call Wave (ii) low. A breakout above 13.55 can change the status to an aggressive sell with a confirmed sell signal above Intermediate-term resistance at 15.40.

We should have all the indicators on an aggressive sell status by the end of the day.

Regards,

Tony

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