We got stopped out of our short that we put on March 13 when the Q's appeared to stall into the MOB target band for a -1.7% loss. The Q's are up into a 0.618 retracement level of 171. which is the maximum amount given for a retracement level on a counter-trend move.

The QQQ is into a MOB target band and starting to reverse.

The chart of the Nasdaq Composite is similar to what we are seeing in the SPX, MDY, NDX, except for the Russell 2000, which is in a weaker position.

We have an ellipse sell signal generated today along with price reversing at the declining 50 day ma and the upper end of the regression trend channel.

We will use a tight stop just above the blue ellipse sell signal as seen on the chart. In our alpha capture portfolio, we are also short the following European indices, CAC 40, DAX, Amsterdam (AEX), and shorting the FTSE MIB this morning. Happy to help with those ideas for anyone interested.

The pictures we present in the following pages will speak more than words. Even a one-eyed technician with a crooked ruler can determine that trend structure remains very weak across the major U.S. indices we review here.

The pullback in the 10yr held at trend support and held the ellipse.

We are closing out the remaining portion of the TLT long. There is a sell signal setting up that will trigger if price breaks 138.60. This appears likely so we will take the gain.

The recent rally got price up into the initial fib level of 142 which is where we indicated to take partial profit. We will do so now and leave some long on for a potential pop above the 50-day and a move towards 145.

The S&P 500, NDX, and Russell 2000 have rallied sharply in the last few days and have all have come into an area of resistance and have ellipse sell signals

The SP 500 emini came back up into the MFU-2 area and reversed near the yellow ellipse sell zone.

Below we show the daily S&P 500 Emini Futures which has the index now very close to the MFU-3 target we identified last month. This pattern has morphed the weekly outlook to a very bearish one where those Money Flow Unit targets supersede what we have on a daily basis.

The major U.S. indices remain in a very weak technical structure, and we would use any near-term strength to sell into.

The Q's have broken the short-term uptrend and momentum has hooked down. We show the top 10 holds of the QQQ and they are all in a vulnerable position. For those that are short, we would be adding here. The picture book is below.

We are highlighting WTI Crude Oil and the XOP to start. The one-day pullback in WTI held the uptrend off the December low and a place to add to a long position.