Week of April 27
The crowd is so offsides right now. Mag 7 EPS + FOMC upcoming.
Recap of last week
A bit of a quiet week last week, we predicted a consoldation week to back and fill some gaps and thats exactly what happened.
We idenitifed early on in the week the 7180 area as a point of resistance. Market sold off about 50-100 points from that level 3x+ last week.
A couple of nice base hits, nothing crazy last week as market digested the big move. Looking forward to next week, with FOMC and Mag 7 earnings I expect that to change.
Right now, it really looks to me like the crowd is hugely offsides and unprepared for the next big move.
Next move for markets
