Starting Q2 Slow (But With a Big Win)

Wynn is gapping higher pre-market.

Technical Edge — 

• NYSE Breadth: 79% Upside Volume 

• Advance/Decline: 83% Advance

• VIX: ~$19.75

The S&P is riding high. So is tech. Those names continue to lead the market higher. An early week dip in the top names — AAPL, META, QQQ, AMD, NVDA, etc. — was gobbled up and the ensuing rebound helped drive equities higher. 

Now going into Q2, the market is…a tad extended here. I want to go into Q2 slowly and see how the next few days unfold. Let’s keep it simple with the S&P 500. 

Note: WYNN is trading significantly higher in pre-market trading, almost to our second trim target. If we open in the $115-$116 range (or if you want to do so before the open) consider taking the first trim spot in that zone. Love when we can get into a trade and it works almost instantly. Removes almost all risk.

S&P 500 — ES 

Ended March on the highs & now up in 6 of the last 7. 

• Key Pivot: ~4142.50

• Upside Levels: 4142.50 (last week + last month’s high), 4158-60, 4200

• Downside levels: 4118, 4100, 4060-65 (10-day, 50-day and 50% retrace → I would love to buy-the-dip here, but I do not view it as likely). 

SPY