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Minyanville's T3 Weekly Recap: Market Unable to Build on Gap Up as Historic Q1 Comes to a Close


The S&P retested the 1404-1407 area but was rejected both off the open and this afternoon so far.

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Let me start by saying we are to pleased to welcome Ron Roll (aka Gtotoy) into the studio for today's Daily Recap (video below). Ron runs the Day Trader Boot Camp website, and is one of my favorite traders -- period -- and also one of my favorite to follow on Twitter and Stocktwits. Enjoy this special treat and hopefully we can get him back into the studio again soon!

Markets opened up this morning, initially giving small follow through to yesterday's upside reversal. However, the area outlined in the Morning Call was defended by the bears. The S&P retested the 1404-1407 area but was rejected both off the open and this afternoon so far. The last few times we blew through that type of zone, something that is worth noting.

Apple (AAPL) gave some fast traders a nice setup as it broke and stayed under its 10-day moving average ($603.94). If it can't regroup at this level, the chart is looking a bit weaker. This was a bit of a catalyst for the market weakness early, and it has yet to sustain much of a bounce. Watch to see how it reacts next week; $595-$596 is some support, then the 20-day is a ways down at $580.76.

Banks still need some time and are out of play.

Health care gave some nice upside follow-through today. I would suggest taking some off; that was a big move!

I do think the name of the game into next week is caution. Continue to obey the technical cues, but do not think that we will always have a market this strong and resilient. I will always follow the trend, but am always willing to take the other side of the trade if the trend changes.

The macro uptrend is still intact and long term investors should stay with core positions. I definitely DO NOT think highs of the year are in. Short-to-intermediate-term traders can be a bit more flexible like we've been late in this quarter. This week was a great example of how you can maneuver both long and short for cash flow.

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Scott Redler is long ZNGA, SLV. Short DNKN. Traded but flat SPY, RENN, REE, F, AAPL, CAT.
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