2014/04/17: TrendView VIDEO: Concise Highlights (early)
© 2014 ROHR International, Inc. All International rights reserved.
The analysis videos are reserved for Gold and Platinum Subscribers
TrendView VIDEO ANALYSIS & OUTLOOK: Thursday, April 17, 2014 (early)
The extended implications of last Thursday’s June S&P 500 future Close below 1,833-1,828 range seeming to confirm the “Equities have topped” perspective from the poor US Employment report response has been brought back into question by Tuesday’s late surge back above that area. Further ‘good’ US economic data probably helped change the tone in the face of renewed geopolitical tensions focused on the eastern Ukraine. And the other headline factor which might be affecting the psychology is the US tax season cycle that ended yesterday.
This is the tendency for the equities to dip into the US tax deadline day, and then recover once folks know where they stand. However, there is a difference this year in the amounts of tax most middle- to high-income Americans owed for 2013. That is due to all the higher taxes put through as part of funding the (ostensibly tax neutral) Affordable Care Act (aka Obamacare.) Will this finally be the factor that weighs on the still buoyant retail sales not evident to date? We shall see. But for now the post-tax deadline day psychology seems to be in force.
And as the June S&P 500 future was also up further yesterday, the burden of proof is definitely back on the bears to get it to fail back below yesterday’s 1,840 UP Break as well as the 1,833-28 range at some point. That said, there is still plenty of resistance above the market into the 1,865-68 range and the 1,877 Negated major daily Rectangle UP Break (from just prior to that post-US Employment report failure.)
The video timeline begins with macro (i.e. fundamental influences) discussion of the Easter holiday weekend that makes today the last trading day of the week, and Monday a holiday in the UK and Europe. It also notes that all of the overnight data from Asia through Europe was weak. However, with the ECB considering some sort of QE, that may not be bad for the equities right now (as seen in the S&P 500 rebound from five dollars lower to steady.
It moves on from there to the June S&P 500 future short-term trend view at 02:30 and intermediate-term at 05:00 including all the important pattern and trend implications of Tuesday’s rally back above 1,828-33 continuing yesterday. Then it’s onto mention of the mostly steady activity in other equities (waiting for further US leadership) at 07:15, followed by discussion of the govvies holding the top end of lower supports on their current dip and likewise for the short money forwards at 07:35, and discussion of foreign exchange conforming to yesterday morning’s assessments at 08:15, with a return to the June S&P 500 future at 08:35 for a final short-term view and additional perspective.
[The Weekly Report & Event Calendar and last Friday’s Current Rohr Technical Projections - Key Levels & Select Comments are available via the link in the sidebar]
The TrendView VIDEO ANALYSIS & OUTLOOK is accessible below.
Authorized Gold and Platinum Subscribers Click ‘Read more’ to access TrendView Video Analysis and Brief Update