Bulls Ready to Make Their Move ?

Investor’s first readDaily edge before the open
DJIA: 17, 949
S&P 500: 2,097
Nasdaq  Comp.:5,014
Russell 2000:    1,264
Wednesday, April 22, 2015   9:11 a.m.

CONCLUSION:

    Pre-open futures trading suggests a mixed market at the open favoring the bulls.

     My technical analysis of each  of the 30 DJIA stocks indicates a reasonable risk to 17,687, with a more extreme risk to 17,500, but a near-term upside of DJIA 18,157 The upside begins to  hit resistance 18,157.

     A push by the bulls today would challenge the April highs of DJIA 18,169, S&P 500: 2,111; Nasdaq Comp.: 5,024.

      The DJIA, S&P 500, the Nasdaq Comp.  are still locked in a three month trading range  (DJIA 17,600 – 18,200; S&P 500: 2,040 – 2,115; Nasdaq Comp.: 4,845 – 5,040). A breakout on the upside in face of numerous negatives would be very bullish.

     With the exception of the Russell 2000, the three major market averages have failed on three attempts to breakout since early February, so easy does it !

 KEY EXTERNAL FACTORS: 

Greece is again at risk of default.

-Yemen chaos may be cooling.

-Stock market bubble – China

-Q1 earnings for some companies will suffer from U.S. dollar’s strength and plunge in oil prices.
-Market still keyed on the Fed and it’s first bump up in interest rates, which with a slight softening in recent economic reports looks like it may happen later rather than sooner.

Concern that the U.S. economy is beginning to slump.

COMMENTS:

Stock prices continue to be buffeted by a host of issues each having a major impact on stock prices at different times. These include the Fed, Q1 earnings, the Mid-East, economies here and abroad. All this is taking place near-term volatility within a three month trading range of   DJIA 17,600 – 18,200; S&P 500: 2,040 – 2,115; and Nasdaq Comp.: 4,845 – 5,040).

Note: Source of economic data

For a weekly economic calendar and good recap of  indicators, go to mam.econoday.com.

George Brooks
Investor’s first read
A Game-On Analysis, LLC publication

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Investor’s first read, is a Game-On Analysis, LLC publication for which George Brooks is sole owner, manager and writer.  Neither Game-On Analysis, LLC, nor George  Brooks  is  registered as an investment advisor.  Ideas expressed herein are the opinions of the writer, are for informational purposes, and are not to serve as the sole basis for any investment decision. References to specific securities should not be construed  as particularized or as investment advice as recommendations that you or any investors purchase or sell these securities on their own account. Readers are expected to assume full responsibility for conducting their own research pursuant to investment in keeping with their tolerance for risk

 

 

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