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TradingEdge Weekly for Apr 24 - Market breadth momentum, RSI reversal signals, and sector rotation

by Sentimentrader
2026-04-24
S&P 500 and Nasdaq trigger powerful momentum and breadth thrusts, confirming a bullish continuation. While Industrials and High-Yield bonds show near-term exhaustion, the broader structural uptrend remains intact.

Key points:

  • SPX weekly RSI 40/60 reversal triggers a strong historical momentum signal
  • NYSE and Nasdaq Zweig Breadth Thrust crosses suggest favorable market continuation
  • Nasdaq 100 Buying Climaxes indicator confirms strong medium-term upside probability
  • Tech, Industrials, and Real Estate breadth dominance confirms broad participation
  • Real Estate sector momentum thrust confirms structural cyclical uptrend
  • Industrial sector faces tactical headwinds from extreme outflows and insider selling
  • High-yield bond breadth divergence warns of near-term credit market exhaustion

House view:

  • Stocks:
    • Short-term: Bullish. The VIX and CDX remain in healthy territory. U.S. equities extend their historic rally, and enter a consolidation phase after hitting record highs. Market dynamics shifted from geopolitical relief to hawkish Fed repricing and AI capex anxiety. The Nasdaq could experience a short-term pullback due to profit-taking and earnings season supply, but the broader market

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