Market Insights

Downloads are available here. Our new MT ES v2 workspace is here. TradeStation’s ideas on TradingView are available here.

Check out our next “State of the Market,” on Monday, 4/28.

Sizing Up the Market

• S&P 500 establishes higher low at 5,100, near the lows of August and 4/10 (after major reversal).
• 10-day MA rising as MACD turns up.
• 4/3 high of 5,500 and falling trendline may be next relevant pattern.

S&P 500, daily chart, with select patterns and indicators.

Has Scott Bessent Taken Charge?

• 4/9: Treasury Secretary Scott Bessent pushed for Trump to delay tariffs following bond-market distress
• 4/22: Bessent tells investors at private event that China trade tensions would de-escalate in “very near future.”
  • Bessent also targets July 4 for tax cuts
• 4/22: Trump rules out firing Jerome Powell, consistent with Bessent’s push for bond-market calm.
  • The Wall Street Journal reported Bessent intervened to protect Powell.
• 4/23: Bessent calls trade war with China “unsustainable,” sees “opportunity for a big deal.”
• 4/23: Trump: China tariffs to “come down substantially.”
• Meanwhile, tariff proponent Peter Navarro has been less active
• Is there a “Bessent put?”

Upcoming Events

• • Earnings tonight: GOOGL INTC
  • Tue 4/29: Consumer confidence, JOLTs job openings
    • Earnings: SNAP SBUX STX GM SPOT V
  • Wed 4/30: ADP private sector payrolls, PCE inflation, GDP, crude oil inventories
    • Earnings: *META* *MSFT* QCOM CAT
  •  Thu 5/1: Jobless claims, ISM manufacturing