Intraweek update - April 13th 2023

Continued consolidation in the rising wedge for $SPY

No surprises so far, I warned over the weekend that the market likely would continue to chop along the rising wedge as the market is complacent and needs a true catalyst to break this range.

“Sell in May and go away” is something to consider as markets could theoretically continue to chop for the entire month of April, or head slightly higher before a large wave down.

As you can see above, SPY continues to backtest and bounce off the 8ema, slowly making higher highs for the wave, but finding very big resistance at that 411.58 level and finding support at 406.61 basically keeping us in that range for now.

Notably we discovered a significant DP block at 409.22 for which we closed below today. I think bulls will need to close above that tomorrow for a rally to 413.75 and higher. If bears close us below 409.22 tomorrow, we may be ready for a failed breakdown move into 403.75 area.

We also pointed out the heavy R on AAPL at 165, and how it appears to be creating a h&s here:

Within the Discord we had some decent long scalps as well, alerting a BUY on TSLA at $177 and a sell at $191 before the reversal today.

For tomorrow i’ll be watching the following levels: