Excerpts from late Sunday night research

  • Stocks peaked out this week right at the 2,718.50 level noted in Wednesday’s update. Since then, the sellers have been in control. For them to stay in control, though, we would need to see a close below 2,659.25. If not short already, I’d be looking to short ES futures near 2,684.50 with stops on a daily close above that level and with a target of 2,474.


  • US Treasury Futures have been pummeled over the last two weeks.No surprise here.They’re a bit oversold right now and could bounce, but there’s more downside still to come for bond prices. I would look to sell / short TY futures on a bounce up to 120’05 with stops on a daily close above 120’20 and with a target of 116’25.



  • Weekly US Jobless Claims Data Averages:

Last week’s claims #:232,000

4-Week Average of Claims: 230,500

Prior Week’s 4-Week Average: 229,000

13-Week Average of Claims: 226,538

Prior Week’s 13-Week Average:226,462

Comments:Weekly claims came in slightly lower at 232,000 in Thursday’s number.That number forced the 4-week and 13-week averages higher together for a second week in a row.For the 4-week avg to rise again next week, we would need to see the weekly number come in at or above 215,000.

  • NDX has pulled back, but hasn’t shed its recent bullish tone completely.A daily close below 6,490 would turn the tide, though. No edge here.Buyers can try entering at 6,490.25 with stops below 6,485 and with an upside target of 7,022.


Posted to Peak Analytics' Direction... on Apr 23, 2018 — 8:04 AM

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