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After the close today Apple will report earnings and unlike the majority of companies this quarter, expectations are low as it's widely known that iPhone sales have been very weak globally.  Numbers have been cut by buy side analysts but there has not been one rating downgrade.  The stock is down 8% off the highs and up 4% in the last two days.  The big hope for the bulls is a massive shareholder capital return.  They already are buying back a ton of stock back and the yield is 1.52%.  So it will come down to how much money they give back.  Apple has always been a product driven company and despite the iPhone X being an outstanding phone, it's too expensive and the other phones are not selling as there isn't a need to upgrade without notable changes between phones.   I am not covering my 2.5% short in Apple and would likely add to it tomorrow.  It all comes down to Apple tonight.  Can it save the market?

Markets are overall weak today in the US with many of the foreign markets closed for May Day. 

Notable:

• US Markets - Weak action with continued downside Countdowns, Sentiment remains weak
  
• Hedge Fund Telemetry Trade Ideas - Covered Seagate short for 8.48% gain
  
• Apple and Seagate Update
  
• Currencies Could see some stalling of the recent trends in the coming days
  
• Gold and Silver Update
  
• Industrial Sector Update
  
• Financial Sector Update
  
• Bond Update
  
• DeMark Screens - Daily, Weekly, Monthly upside/downside exhaustion signals within the S&P 1500 and Euro Stoxx 600 MONTHLY EXHAUSTION SIGNALS FOR APRIL POSTED TODAY
  

Here's a link to the Hedge Fund Telemetry market sentiment page with 40 charts of sentiment including equities, bonds, currencies, and commodities updated each day.   

SPX bullish sentiment is at 27% and still subdued.  

SPY is on day 7 of 13 with a downside red Countdown.  The downside Wave 5 price objective is 244.24.  

Nasdaq bullish sentiment is at 31%

QQQ has a downside red Countdown on day 8 of 13.  The downside Wave 3 price objective is at 144.  Big support is at 155.76

IWM Russell 2000 dripping a little lower and in the middle of the recent range

Trade Ideas:  Covered STX for +8.48% gain.  Nothing else done.  By the way April closed out with an overall gain of 1.15%.  

AAPL has bounced off the recent lows but is off the highs by 8%.  There still is a downside red Countdown and a Wave 3 downside price objective of 154.54 and that's why I am staying with my small 2.5% sized short

STX weekly chart had good upside exhaustion and was one of the reasons I put it on the Trade Ideas as a short.  I took it off today as it held the early VWAP from the gap suggesting it could bounce.  My exit was at 54.24 and I have to say that was pretty bad

US Dollar bullish sentiment is at 78% and is elevated and will probably be over 80% (extreme zone) later today

Elliott Wave peeps put out this weekly chart of the USD with showing bullish positioning very low and that's fuel for a further move up on an intermediate time frame

DXY US Dollar Index has a green Setup 9 and could back off in the coming days

Euro bullish sentiment is at 31% and a new low for the cycle

Euro hit the downside Wave 5 price objective today at 1.20 and is on day 8 of 9 with a green Setup.  Tomorrow or in the next couple days could see a short relief bounce

British Pound Sterling bullish sentiment is at 45% and a new low for the cycle.  It can go lower before it's oversold

British Pound Sterling could bounce with yesterday's green 9 Setup but there is now a red downside Countdown that says this should ultimately work lower

Gold bullish sentiment is at 35% a new low for the cycle and not at historical lows yet

Gold Futures on day 8 of 9 with a green Setup.  I will evaluate after the green 9 if I hold this

Silver bullish sentiment is at 27% and new low for the cycle but not historically oversold

Silver Futures continues lower and is on day 7 of 9 with a downside green Setup.  I hate my entry and will be waiting for the 9 to evaluate holding

Crude bullish sentiment is at 76% and remains elevated

Crude Futures stalling.  No changes to neutral bias.  Energy stocks are backing off today and I am evaluating buying more

XLI Industrial Sector ETF has a secondary red Countdown now on day 6 of 13 with a downside Wave 5 price objective of 68.71.  5 month closing lows today!  

BA has given back all of the gains from earnings and has support at 320.  The downside Wave 3 price objective is 291.78

CAT still looks lower and has support at 140.  The downside Wave 5 price objective is 130.19

XLF Financials ETF has support at 27 and is on day 7 of 13 with a downside Countdown

GS has made a new low and is on day 8 of 13 with its Countdown.  The downside Wave 3 price objective is nearing at 227.88

AIG is one I like on the long side and they report tomorrow after the close.  I am hoping it doesn't get hit below the recent lows.  

BRK/B has support at 190 with a downside wave 3 price objective of 175.46.  The red Countdown is on day 5 of 13

JPM has made a series of lower highs and has support around 106.  The wave 3 downside price objective is 99.73

Bond bullish sentiment is at 33% and ticked up a little

TLT Bond ETF backed off from three days in a row up

2/10 Yield curve is flattening again but has potential for another downside exhaustion and if it can not break the recent 5th wave a new wave 3 steepener target of 60.13 is alive

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