Nothing Broken . . . Yet - Market Analysis for Apr 11th, 2024

I know it may sound like a broken record already, but we still reside over 5091SPX, so the bulls still have a path to 5300+.

Yet, I do want to point out that we have broken down below the uptrend channels outlined on the daily SPX chart, and the MACD has begun to decline.   However, the MACD on the 60-minute chart is now in the support zone within this rally, and has turned up today.  But, due to the nature of the last segment of this decline, I cannot be sure we have struck a bottom since the structure of the decline is not clearly indicative of a completed 5-wave c-wave structure.

I have noted many times before regarding a expectation for volatility during diagonal structures, as they are more akin to the volatile nature of corrective structures than standard impulsive structures.  And, I expect it to continue.  In fact, I cannot say that we have yet seen the type of reaction that is commonly the hallmark of a completed diagonal, as the reversal to the downside has not yet been dramatic.  So, I am still leaning towards one more push higher, especially as long as we hold over 5091SPX.

Of course, should the market break 5091SPX in a sustained and strong fashion, then I will likely revise my view.  But, for now, I am still looking up as the bulls remain in charge over 5091SPX, especially with the 60-minute MACD having re-set and now in its support region.