1st Day of month bullish tendencies have been well documented here and elsewhere. April is an interesting month in that not only is the 1st day typically strong, but since 1994 the first week has performed especially well.
I think this weeks streak will be determined if we correct in the beginning of the week and finish strong. If we start off the week with a couple of up days, I suspect we’ll spend the rest of the week in the red and finish down.
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Breadth readings from Friday at Bespoke really need to improve for the overall health of the rally.
For the entire S&P 500, 74% of stocks in the index are currently trading above their 50-days. This is a huge recovery from where things stood just two weeks ago, but the reading still has plenty of work to do before it turns bullish.
