Preparing for the Last Week of April

Market Outlook

Last week did not bring any major surprises. The earnings continued to roll in and so did the market uptrend.

The star of the week was the Nasdaq. Supported by key earnings in the tech sector, the composite index advanced more than +3% for the week and has basically reached the highs seen at the height of the dot-com mania back in 2000. The S&P 500 finally managed to push through the resistance in the 2115 area and reach new all-time highs as well.

None of this really changes the overall technical picture. The market remains in its long uptrend and all signs point to more upside ahead.

The S&P remains within the long rising wedge pattern I have discussed ad nauseam for the past 4-5 weeks (click HERE for a detailed analysis) and I expect it to continue higher toward 2150.

From the shorter term perspective the market does look fatigued.

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To read the full article, please click HERE

Enjoy your Sunday!

Posted to Tactical Alpha on Apr 26, 2015 — 9:04 AM

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