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Scandex Market Update – April 28

Scandinavian Capital Markets

‘The market’ continues to levitate. Each turn lower from a well-defined level (the most recent turn lower was from where the rally from the March low consisted of 2 equal legs) is met with another leg up. Volume has died, as is tends to do when markets rally. From here, I am paying attention to 2 levels for potential resistance. The first is 2923/35 in ES. This is the 61.8% retrace and 2020 VWAP. In cash (chart is below), the 61.8% retrace is 2935. The 2nd level to note is the 200 day average and July 2019 high on cash, which is 3007/28.

Scandinavian Capital Markets Review

Source: https://scandex.com/2020/04/28/market-update-april-28/
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