Comments for Friday's market 4/23

Folks, I'm not sure yet if we'll have an intraday cycles map from ChartsEdge to share. But take a look at their modified BP for the whole week, plus comments, which I shared here early yesterday. That should give their guidance for today! As for any additional comments I can share - well, Mike Korell of ChartsEdge gave his thought of an expanding triangle; that could play out. My other thought was a simple "abc" pullback. And for levels, we know Tony Caldaro has an important pivot at 1222 (and Andre Gratian's subscriber updates ate on his numbers!). Time hasn't permitted me to keep up with Terry Laundry's daily updates, but if you're actively trading this week then you really need to read those as well.

The SPX hourly chart below shows the market is still above a rising 50-hour MA. The recent overbought conditions have so far produced merely a sideways bobble (good for active traders though), and many indices merely tested their 20 DMA! So the strength fundamentally is still hanging in there. If we see a test of the 50-hour MA or the 50-day MA, then a good bounce will seem in order. (We already know the 1190 area has been tested, and held so far - so that's an area to keep watch, if seen again.) If instead we see a poke upward, testing within 7 points (plus or minus) of 1222 - or better, right on 1222 - then we can consider more of a correction possible. Happy market navigating!