4-23 post market comments from firm

The S&P 500 slipped back intra-day but still managed to move back into positive territory. So far, ex the sell off on March 20th, the tape has not stayed negative for long when it does move down. We suggest these draw downs have been relatively shallow because sideline liquidity (even after the large rally over the past 30 days) still remains robust. As long as the skew of decliners to advancers and down volume to up volume remain in check the this tape isn't in any serious danger of correcting aggressively.

Below current prices on the S&P 500 there are several support levels with 825 and 814 being the two of closest proximity, while 877 is the upside resistance area the S&P needs to move above to extend the rally.

Sentiment remains neutral but is less constructive than say 30 days ago. We reiterate that techs have the best basing and chart patterns of all market sectors.

EBAY is one name that scored a bullish gap today and on pullbacks looks capable of working higher as the company reported better than expected results and is spinning out its Skype division and refocusing back on the core business.

We will post a list of constructive charts in a pdf for tomorrow morning along with a few new research reports.

Also of note DV shares are very close to breaking critical support near $ 40.00. We highlighted this chart yesterday and shares were down over $ 2.00 today.

Stay tuned ...




posted by Peter Greene