4/16/26 Recap

The SPY is at new all time highs, if you’re bearish, stop. Are we extended? Sure, but there is nothing bearish about new all time highs. We have earnings season really kicking off now with Netflix this afternoon and that starts the flurry of tech names reporting the next few sessions. This is an all time move just like last April when Trump pivoted, we’re up 12% in 14 sessions off the lows. There isn’t much to say here other than we’re clearly in a new uptrend, we’ve been in one for 7 sessions now, and fighting it is futile. The next time we lose the 21 ema get as bearish as you want but right now that is way down at 675. We’re reaching max overbought levels here so don’t overdo it, we need to consolidate a bit and not be so extended from the moving averages.

Top Gainers From Yesterday’s Recap

AXTI with a nutty move today, I was not expecting a 22% move when I highlighted all those calls I saw yesterday but sometimes that’s how the game goes, congrats if you played that.

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