ES/SPY Weekly Levels & Trade prep (Apr17-21)
More or less a copy paste of levels from last week as price remains stuck in a tight trading range. My posts have been limited simply because there has been little price movement. The market is clearly undecided with the bulls and bears are equally matches. Perhaps earning this week will provide a catalyst to get things moving.
• ES posted a 0.99% gain last week after trading in a tight range of 89 points.
• Price remained above the 9/21/55 emas & 200 sma.
• Last week the ES successfully re-tested the 9 ema.
• Current price consolidation is testing the downward trendline
• A break above the Dec 13th high would be very bullish
• Strongest sectors to close the week were XLF, XLE & XLI. Weakest were XLRE & XLU
• Market remains in a wait and see mode after another low volatility week
• Earnings may provide the catalyst for a break from the current trading range.
• This week includes earnings reports from TSLA, NFLX, GS, BAC, MS, JNJ, CSX and more.
• Key support and resistance zones remain the same as last week.
• Now in a historically bullish period for stocks
WEEKLY EVENTS
Monday NY Feb Manufacturing and Fed’s Barken speaks
Tuesday US Housing Starts, Canadian CPI and Feds Bowman Speaks
Wednesday EIA Crude Inventories & Canadian PPI + Fed’s Goolsbee & Williams speak
Thursday US Initial Jobless Claims, US Existing homes sales & Fed’s Waller and Mester speak
Friday US S&P Manufacturing PMI, Canadian Retails Sales & Fed’s Cook speaks
NOTABLE EARNINGS
Monday MTB, SCHW, STT
Tuesday BAC, ERIC, FHN, GS, IBKR, ISRG, JNJ, LMT, NFLX, UAL
Wednesday AA, ABT, ALLY, BKR, DFS, EDU, IBM, KMI, LRCX, LVS, MS, STLD, TRV, TSLA, USB
Thursday AXP, BX, CSX, DHI, GPC, NUE, PM, PPG, STX, T, TSM, UNP
Friday FCX, PG, SLB
BULLISH NOTES
ES successfully re-tested the 9 ema
Potential break of downward trendline
Price above 9/21/55 ema and 200 SMA
50 SMA is above the 200 SMA
Potential positive reaction to Fed Heads
Potential positive reaction to earnings
Potential break above Dec 13th resistance
Historically bullish period for stocks
BEARISH NOTES
Opening week below trendline resistance
Potential negative reaction to Fed Head talk
Potential negative reaction to earnings
Potential rise in OIL prices will increase inflation
Momentum concentrated in a small number of stocks
Potential hard reversal at Dec 13th high
Yields and the USD close to support and may reverse trend
• ES posted a 0.99% gain last week after trading in a tight range of 89 points.
• Price remained above the 9/21/55 emas & 200 sma.
• Last week the ES successfully re-tested the 9 ema.
• Current price consolidation is testing the downward trendline
• A break above the Dec 13th high would be very bullish
• Strongest sectors to close the week were XLF, XLE & XLI. Weakest were XLRE & XLU
• Market remains in a wait and see mode after another low volatility week
• Earnings may provide the catalyst for a break from the current trading range.
• This week includes earnings reports from TSLA, NFLX, GS, BAC, MS, JNJ, CSX and more.
• Key support and resistance zones remain the same as last week.
• Now in a historically bullish period for stocks
WEEKLY EVENTS
Monday NY Feb Manufacturing and Fed’s Barken speaks
Tuesday US Housing Starts, Canadian CPI and Feds Bowman Speaks
Wednesday EIA Crude Inventories & Canadian PPI + Fed’s Goolsbee & Williams speak
Thursday US Initial Jobless Claims, US Existing homes sales & Fed’s Waller and Mester speak
Friday US S&P Manufacturing PMI, Canadian Retails Sales & Fed’s Cook speaks
NOTABLE EARNINGS
Monday MTB, SCHW, STT
Tuesday BAC, ERIC, FHN, GS, IBKR, ISRG, JNJ, LMT, NFLX, UAL
Wednesday AA, ABT, ALLY, BKR, DFS, EDU, IBM, KMI, LRCX, LVS, MS, STLD, TRV, TSLA, USB
Thursday AXP, BX, CSX, DHI, GPC, NUE, PM, PPG, STX, T, TSM, UNP
Friday FCX, PG, SLB
BULLISH NOTES
ES successfully re-tested the 9 ema
Potential break of downward trendline
Price above 9/21/55 ema and 200 SMA
50 SMA is above the 200 SMA
Potential positive reaction to Fed Heads
Potential positive reaction to earnings
Potential break above Dec 13th resistance
Historically bullish period for stocks
BEARISH NOTES
Opening week below trendline resistance
Potential negative reaction to Fed Head talk
Potential negative reaction to earnings
Potential rise in OIL prices will increase inflation
Momentum concentrated in a small number of stocks
Potential hard reversal at Dec 13th high
Yields and the USD close to support and may reverse trend
Comment:
$ES_F has broken above the downward trendline. First upside target remains the Dec 13th high. This will be resistance until its not, but very bullish if it breaks.
Comment:
Failure on trendline break but still trying to work higher. Bullish if recent high is broken
