Stocks saw a strong rebound + technical wins

TopdownCharts
04-13

Learnings and conclusions from this week’s charts: $S&P 500(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$ $Invesco QQQ(QQQ)$ $NASDAQ 100(NDX)$ $Dow Jones(.DJI)$

1. Stocks saw a strong rebound + technical wins last week.

2. Yet a couple of technical challenges and tests remain overhead.

3. And arguably a lot of damage has already been done.

4. Recession risk is the key variable from here for stocks.

5. The US (stockmarket) faces a prospective Great Restructuring.

Overall, stocks have come back from the brink with tariff tinkering and worst-fears fading — this came interestingly enough right as the market was “technically ready” for a rebound (support level secured, extremes in sentiment, oversold indicators).

Yet with many questions still unresolved and recession risk rising, it’s going to be tough for the bulls to keep control of this, and the prospect of bull traps and bear market rallies must remain front of mind lest we get too swept up in these manic markets.

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