We have a technical break out of the inverse H&S on the S&P which officially marks the beginning of a new bull market. That said, volume was not impressive on Thursday, nor for the week. Normally, you want to see a BO occur on high volume.
Friday marked the end of the Nasdaq's 12 day winning streak, on the heels of weak earnings from tech heavyweights MSFT, AMZN, BRCM. However, the NAZ erased most of its early losses to close near session highs. The weak earnings on Thursday looked like they could insight a sell off, but it turned out to be a yawn, except if you owned those particular stocks. On the week the NASDAQ closed the bearish gap from last September.
Narrowing the view to the daily timeframe, the S&P has two points on a trendline and resistance in the area of 1000-1007. It takes three points to define a trend, and seems highly likely that we should start to consolidate the current leg up once the 1000 level is achieved. NASDAQ 2000 -2025 looks like strong resistance.
Earnings lineup for this week - Monday: HON, GLW, SOHU, VZ, ACE, AMGN, BWLD, CF, MAS... Tuesday: CPLA, CRDN, CVH, COH, ODP, PCX, PCAR, TEVA, UA, CRI, LIFE, MEE, NSC, PNRA, WCG, THQI, X,... Wednesday: AET, CCE, COP, GD, MANT, MHS, TWX, TWX, TEL, WLP, AFL, ASIA, CERN, ESRX, LNC, GMCR, HIG, NETL, RGR, TTEK, V... Thursday: AMSC, ALU, APA, CI, CMI, CL, EBIX, EXPE, XOM, GT, MA, OMX, ZEUS, MFE, DRYS, STRA, ESLR, FSLR, MET, SYNA, VPRT, DIS...
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