The EminiForecaster tentative forecast for the trading week ending April, 24 is now posted.

http://eminiforecaster.com/members/membersblog/forecaster.php (click next week)

Last week’s forecast called this week as down. However, the market has headed about 10 points higher during this down forecast from the previously forecasted turn, so the bull run continues. This week’s forecast sees the market continuing higher and we see this continuing into the 27th or so at this time. So we anticipate the market to be up all week next week overall starting from today’s close/Tomorrow’s open. Key levels at this time are the 874 and 900 areas to the upside. Some retracement from the 874 area is expected initially with continuance to higher levels, however a minimum of 874 is expected for next week. To the downside the 840 and 830 levels are key.

We have seen around a 20% reduction in range in the last couple weeks which is suggestive of complacency and a continued bull run. Tomorrow is option expiration which may bring some additional volatility. Index option calls continue to be overpriced which should be bearish, so there is not a huge amount of confidence. This goes hand in hand with the declining range.

Therefore, the market overall may not be able to go high fast and should be quiet. If there are any negative surprises however, expect it to have some downside strength. Therefore as long as things remain quiet and there is not a lot of new surprising information being fed into the markets, we should tend higher into the month’s end and/or through next week.

That’s all for now-

We will update again on Sunday.

Wishing you the very best,

Rob, Vadim & Staff