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The S&P 500 dropped 4.6% in the first quarter of 2022.
The Nasdaq lost 7.5% and the Russell 2000 ETF (IWM) lost 7.5%.
This is the first negative Q1 in the past two years.
However, lately we’ve been seeing very bullish activity.
It looks like historic trends are starting to take over the stock market.
Which means we have an opportunity to profit from April seasonality.
The Market is Itching to Break Resistance
Last week, I told Stock Navigators to keep an eye out for resistance levels.
Well, the market is currently trading right around resistance.
Right now it’s in a sideways correction but the overall trend is extremely bullish.
Let’s take a look at the E-mini S&P 500 futures (ES)...
The S&P hit resistance at the $4,600 range and is now bouncing off the $4,500 level.
Which means $4,500 could potentially be a new support level.
I’ve got my eyes on the situation and Stock Navigators will be the first people I alert with any major updates.
Meanwhile, the Nasdaq is doing the same thing as the S&P…
It hit resistance at the $15,266 level and is bouncing off a potential new support of $14,863.
These charts are telling me that April’s historically bullish trends are being upheld.
Clues From The $VIX and 10-Year Treasury Notes
The $VIX and the 10-Year treasury notes are also giving us very bullish signals.
The $VIX is the volatility index, aka the fear index, and it is currently showing signs of a stabilizing market.
In the past few days it dropped from the 38 level down to the 19 level.
It’s currently trending below its 200-day moving average.
Which is a sure sign that the market is “remaining calm” and there’s room for the overall market to move to the upside.
10-Year treasury notes are also starting to pull back down.
I’m waiting to see if it breaks below the 23 level.
If it does drop below 23, it’s a very good sign.
But if it moves higher, we may see even worse inflation.
This is why technical analysis is so important.
These numbers and charts show us how the market is behaving and we can use this information to “put the odds in our favor.”
Stock Navigators are the first people I alert when the market gives us a profit opportunity.
Click here to see how you can start getting all my most-urgent stock updates.
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Edgar came to America to build a better life for his family.
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