Last
Week Review: This past week was one of those times when
we are reminded how quickly things can change. Early in the week the SPX had
reached a technical golden cross, but it was simultaneously hitting the same
upside technical resistance (around 2102) that it faced the previous week.
Earnings reports have been solid (given the low expectations) and volatility
was low. Janet Yellen, as she has so often in the past, managed to say just the
right words to cause a moderate equity rally and crude oil prices were hitting
5-month highs. Then as if someone flipped a big sell switch, mid-day Thursday
the sentiment shifted quickly. It seemed to be sparked by the lack of any new
economic stimulus measures in Japan and exacerbated further by some fairly
cautious statements from notorious investor Carl Icahn.
How
the market finished last week, the S&P 500 down 1.3%, the Nasdaq down 2.7%,
and the Dow down 1.3%.
This
Week: Another busy week on the economic front is
ahead of us, headlined by Friday's jobs report. PMI and construction spending
data will be released on Monday, vehicle sales will be released on Tuesday, and
factory orders will be released on Wednesday.
Crude oil prices are solid, the Fed hit the sweet spot again
and earnings have largely beaten the relatively low expectations. But equities
have been stymied by global uncertainty and upside technical resistance.
Economic Calendar: ISM Mfg Index (5/2), International
Trade (5/4), Factory Orders (5/4), Employment
Report (5/6)
Related Link: http://www.stockmarket-direction.com/
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