Market outlook Update: Wednesday, April 15th, taxes are due

I have updated the chart above with an additional Red downtrend line which says to me that we will not go over 9,000 on the Dow, in this latest move up, unless the news is very, very good on the economy. So we will be in a tighter range than we were before and some, including myself, would be wise to consider selling around 8,600 or so and taking profits on ETF's like TNA and SSO and also Apple and Ford stocks as well.

From the chart above you can see we are going to most likely be in this band from 7,800 to less than 9,000 for a while and with each day making the case going forward for selling before we hit the top of this range. By the way, the 200 Day Moving Average hits right now at about 9,200 and will be going lower and lower each day. Again to emphasize, news will be the main market mover in coming days and weeks. One day earnings will be unexpectedly great for a company which will steal the headlines for that day and another grim with worse than expected earnings for others. It will be volatile. Right now the Volatility Index, symbol VIX, is below 40 at 36.50, but expect this to go back sometime soon to 44-50 again.

Money will be put into 401K's, IRA's and other retirement accounts this week as taxes are due April 15th, Wednesday this week. And some may want to put those funds to work right away. So I see this week still being positive and increased volume on the Buy side.