fri 04_24

Today felt very much like a Fed day. A slow drift up all day before the news of "stress-test" details. Things got pretty bleak, but bulls aren't giving up this trend. It was a rough start to the day, with choppy sideways behavior after the gap-up. NYSE TICK stayed relatively tame and we could have made some reasonable trades based on TICK breakouts from their down trendline.Here on the 15-min I wanted to highlight a "Slingshot" setup. The blue ellipses with trendlines highlight the concept where price makes a higher low, while momentum records a lower low, leading to a slingshot in price.
The SPY weekly put in a hanging man type candle and was unable to take out the previous week's highs. Looks like it could roll over and at least retrace some of this month's move.The S&P500 index looks a little more bleak with a dragonfly doji.The Q's look healthy, but still looks begging to correct part of this move.
The Dow Jones Industrial index looks more serious in terms of the hanging man syndrome.
Just wanted to include two charts of the weekly Dow chart from the 1929 crash, the point being that these markets can run regardless of the fluff news pieces.
zoomed out for the full effect of the top to bottom