Nightly Briefing 4/28/20

The share market is showing near-term exhaustion. We expect a multi-day pullback to occur shortly. Most likely into May 4th with an ultimate top May 13-14th over the 200 daily moving average of the SPX. Heavy volatility is expected the next 4 trading days.

 Our advance should continue in force Tuesday of next week after a few days of consolidation. The market has a habit of creeping up into FOMC meetings with help from the Federal Reserve. They don’t buy stocks but they inject liquidity which in turn other financial institutions use to purchase stocks.  Our models expect a mid-May top for DOW, NASDAQ and SPX.

Gold will move with the miners post FOMC meeting.

Our NUGT positions are green and we expect a larger advance to ensue as early as tomorrow. $37 is the real next resistance on GDX which would extrapolate NUGT to approximately $80+.

 Our favorite restaurant stock is performing well and doing what we anticipated with a break over $10. A short term top is possible tomorrow around $12 per share followed by a multi-day consolidation. $10 is our new support with a possible intraday breach to $9.65. Higher prices into mid-May are currently expected by our software and staff.

BTC has a little more room into early next week before a short term top is put in. Again, we are waiting for a major cycle low in June before taking a position unless our data sets change. HFZ

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