NQ1!, The Buyers Make Baby Steps

The buyers managed to capitalize on the previous day's gain. I anticipated the upside move considering the end of quarter and windows dressing exercise but it was painful to watch and hold a long position during the grind up.

What to expect:

- The buyers are at an inflection point (50%) of the downside swing. A chop is expected, however, if we see a grinding up action then they are winning. A grinding up action means the demand is there and the buyers absorb selling orders.

- The sellers have a chance to step up for the downside continuation. We would need to see a strong rejection though. If they managed to erase Friday's gains that would be an encouraging sign for the bears. The share buyback is entering the blackout period. As soon as the FANG buying dries up the bears have a better chance.

03/30/2019