Easing Up Ahead of the Fed & Apple Earnings

We've had a good run. Let's not get over our skis now.

Technical Edge — 

• NYSE Breadth: 44% Upside Volume 

• Advance/Decline: 40% Advance 

• VIX: ~$16

We’ve just had our best individual stock run of the year, so with the Fed meeting starting today, the jobs report on Friday and Apple on Thursday, I’m pumping the brakes a bit here and just focusing on the indices (although 1 stock sticks out, below) 

Keep it light and stay sized right. We’re at an interesting juncture here as May starts off on tricky footing. 

S&P 500 — ES 

4200 held as upside resistance as the ES now sits on the 10-ema on the 4-hour chart. 

• Upside Levels: 4200-06, 4242

• Downside levels: 10-ema on the H4 chart, 4150, 4135-4140, 4120, 4095-4100

SPY

The bears aren’t ready to call it quits on the $415 to $416 resistance area just yet.