The S&P 500 ($INX) remains in a major (long-term) 5-wave uptrend with initial resistance at the February high of 4,195.44. Theoretical Positions: Long from the October 2022 close of 3,871.98 with a stop below the January low of 3,794.33.
The Dow Jones Industrial Average ($DOWI) also remains in a major 5-wave uptrend, though the Wave 1 high still looks to be the December mark of 34,712.28. Theoretical Positions: Long from at least the October 2022 settlement of 32,732.95 if not the breakout of the September high at 32,504.04.
The Nasdaq ($NASX) remains in a major 5-wave uptrend with initial resistance at the February high of 12,269.55. Theoretical Positions: Long from the October 2022 close of 10,988.15 with a stop below the January low of 10,265.04.
The US 10-year T-note (ZN) remains in a major 5-wave uptrend. Theoretical Positions: It’s possible longs might’ve been established at the November 2022 close of 113-070 based on monthly stochastics and a possible 2-month reversal. Additional longs could’ve been established when the ZN took out the Wave 1 high of 116-080. If so, the average long would be roughly 114.575. Stops would be placed below the March low of 109.315
