Market Close April 29th, 2020

We start today as always by looking at the Futures. This is not one of the contracts, I use the cash price.

Scroll down if you wish to see the charts. My weekly round up shows all the charts whether there are recent trades or not.

S&P 500:

Not much to report here yet again. It is in a downtrend based on our definition: The 21 EMA is below the 55 EMA. The price has shown some strength today. Maybe we will see a change of trend in the coming days.

Bitcoin:

This is still in a downtrend, 21 EMA below the 55 EMA. The price, like the S&P, has had a good day.

Gold:

Gold continues to display uptrend: the 21 EMA is above the 55 EMA. All we need to enter a trade is a push through the resistance that has formed at roughly 1735. Our stock market proxy, UGL, stands ready to spring into action should the onslaught take place.

Oil:

What is there to say about this sad sack. The trend continues to show down. The price has been stalled at around the $8 mark for awhile.

USD/EUR:

This currency pair is still in an uptrend. The only open trade we have at the moment is our stock market proxy, EUO. We have a trailing stop standing guard. It is looking as if the resistance level is too strong for bullish forces.

Apple:

Apple had a strong day. To the point that the chart is giving us a buy signal.

Apple

Let’s go through our check list:

The 21 EMA (blue) has just crossed above the 55 EMA (green) and the price and the 8 EMA are above both of them. We will put in a stop-buy just above the black horizontal line at $292.

The protective stop will be just under recent support at $264.

As soon as this trade triggers, I will detail the amounts etc. per our rules.

Any comments or questions, please drop me a line at: charlesgoddard2020@gmail.com

TTFN,

Charles

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