Friday, April 27, 2012

MTU Weekend Ed. - Short Term Update (4/27/12 Close)

Key long term support for stocks is holding (see this chart in Retest (4/13/12)). We have a deep retrace of the April sell-off in SPX and INDU is only a few index points shy of a fresh high.  Whether this is a wave [b]/[x] rebound or the fresh advance remains to be seen (Chart 1 and Chart 2).