Wk17: Market Recap

27 Apr

A slew of earnings announcements came out this week however many at which were less weak than estimates predicted. The NASDAQ internals showed a mixed reading on Thursday where advancing stocks to decliners was negative 624, yet stocks rose 1.3 to 1.

The strength in the market is being lead by the NASDAQ, followed by the S&P and then the Dow. The NASDAQ tends to usually lead the market, therefore with many of the big names already reporting earnings; a slightly bullish bias could be expected in the following week.

Looking at the weekly chart we are in an area of high resistance so we may see more of a tug of war between bulls and bears in the short term which would hold prices steady.
Las week the S&P and Dow both violated the prior week’s low and failed to make a new high after 6 weeks of progressively higher movement. The NSADAQ however, did make a new high and did not violate the prior week’s low.

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