Bulls Will Go On...

Welcome to week 3 of April, which is expiration week for April regular options!

Last week unfolded exactly how I said it would, UPWARDS. This was what I said last Monday morning:

"In fact, from the higher lows that have been formed throughout the whole of last week, I am actually more convinced than ever that this IS a bullish reversal point! :)"
(I only publicly post my reports here every other day. To receive all my reports by email, please subscribe now by hitting the yellow button on the right below my profile photo!)

And so it was. The US market pivoted and turned upwards despite economic numbers being worse than expected generally. Last Friday, the US market closed down strongly but is really just a neutral candle that did a higher high and a lower low while bond yields and total equities put call ratio remain unsupportive of its bearish movement. As such, I would call last Friday a cautionary profit taking day after a good week's run. Also, the Monday following such a Friday tends to be a strong bullish one as well. As such, I do continue to see more upside possibility than downside possibility this week.

The only big event of the week is Friday's options expiration which typically do not significantly affect equity prices. As such, I do not see any reason why the market won't continue upwards in realisation of my bullish reversal prediction.

For now, the market remains in short term bull trend within an intermediate neutral trend within the framework of a primary bull trend.