Excerpt of the last Daily review for subscribers (without the charts) 04/28/2014 evening Market posture At this point we have no reason to change the (slightly) bullish bias for the medium term and it will take the NASDAQ under 3960 to take an outright bearish stance. In the short-term we still see a ranging activity mainly lead by reactions to earnings and natural fluctuations of the market. The speed with which the S&P 500 re-took several strategic levels is impressive. We may have see an important cycle top in April-and maybe the highs for th year-and be in for some weeks of sideways market. But for the moment it looks more like an important rotation period when a "mini-bubble" involving some big issues of the NASDAQ is bursting. Key levels on S&P 500: still support at 1863 and 1850. resistance at 1873 and then 1885. On the NASDAQ the support between 3990 and 4040. We will be closely watching 4125/4130 and a failure at this level will probably send back the market ot the main support (we would be short then).
