Monday left a NR7 down day across the broader markets. The Dow did close green by 75 cents, overall the day was very narrow and slow. Volume came in mixed with the NYSE slightly higher than Friday and the Nasdaq slightly lower. The VIX closed at 17.47 and the TRIN at 1.40 off the 2.10 highs. Gold closed up 30 cents to $1154 and oil down 92 cents to $84.20 a barrel.
After the bell TXN, BSX, HMA all moved higher off earnings. The market didn’t have a lot of reaction off any news. Tuesday has a little more economic data to come and will wind the market toward the FOMC announcement Wednesday. Earnings also pick up steam in the pre market and the after the bell. The resistance is still overhead COMPX at 2519.97 78.6%, NDX 2205.18, SPX 1226.74 61.8% and the Dow at 11246 61.8% should still be watched for. The market is still over the 10dma and hasn’t closed under that short term moving average since February 10th on the broader markets.
Into Tuesday futures have key levels at 2035.5 NQ, 1202.50 ES and 727.60 TF support to watch for. A test and hold there would likely set the market for a big leg up into the end of the month. If we drop there the pullback is likely to show some profit taking and drop the market into deeper levels. I’m sure we will start to hear a lot of sell in May and go away talk, that hasn’t really been the markets tone for years. So we won’t be buying into that chatter again this year.
Economic data for the week (underlined means more likely to be a mkt mover) Tuesday 9:00 S&P/CS Composite 20 HPI, 10:00 Consumer Confidence, 10:00 Richmond Manufacturing Index. Wednesday 10:30 Crude Oil Inventories, 2:15 FOMC Statement, 2:15 Federal Funds Rate. Thursday 8:30 Unemployment Claims, 10:30 Natural Gas Storage. Friday 8:30 GDP, 8:30 Advanced GDP Price Index, 8:30 Employment Cost Index, 9:45 Chicago PMI, 9:55 Revised UoM Consumer Sentiment, 9:55 Revised UoM Inflation Expectations.
Some earnings for the week (keep in mind companies can change last minute: Tuesday pre market MMM, BP, CIT, CMI, DD, F, LXK, MHP, NEM, ODP, OXPS, TLAB, TYC, X, UAUA, UA, UPS, LCC, VLO, and after the bell BRCM, DWA, NSC, PNRA, ULTI. Wednesday pre markets APU, BCRX, GLW, DOW, GD, HES, IACI, JBLU, MSO, MHS, PFCB, SAP, SO, S, WLP, and after the bell BIDU, CRA, FSLR, GG, LSI, OII, RYL, SUNH, TSRA, VAR, V, XLNX. Thursday pre market AEP, BJS, BG, CAH, CELG, CME, COP, XOM, HP, HURN, IMAX, IP, K, MOT, MYL, GAS, NS, OMX, ZEUS, PTEN, POT, PG, HOT, TSM, WM, and after the bell AEM, HIG, KLAC, MXIM, MET, PDLI, QLGC, SUN, TSO. Friday pre market AGN, CVX, DHI, LPNT, NDAQ, VFC and nothing after the bell.
TF (Russell 2000 e-mini) Tuesday’s pivot 739.30, weekly pivot 726.50. Support: 735.70, 732.70, 730.70-730, 726.80, 725.10, 723.40, 719.80. Resistance: 737, 739.60, 741.70, 743.10, 745, 747.40, 750.40
