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I see 3 tricks, all yelling for a green Monday. The bottom line, the 2nd leg down has started. But right now I have no idea about whether it’ll form a lower low or higher low.
Trick number 1 – very very bullish Monday and also according to the Stock Trader’s Almanac, Monday before May Expiration, Dow up 19 of last 21. Statistically, Monday has the tendency to constantly outperform for certain period of time then underperform for certain period of time. There’s no way for me to know in advance when it’ll start to underperform but you should aware that this kind of bullish Monday stuff won’t go forever.
Trick number 2 – 27 out of 40 times (68%) a green day after a Major Distribution Day (NYSE Down Volume : NYSE Up Volume > 9) which is today.
Trick number 3 – when CPC >= 1.01, 23 out of 30 times (77%) a green day the next day.
Have a nice weekend!