As we can see from the chart above, the NASDAQ took out preliminary resistance at 2800 on the strength of tech earnings from AAPL, FFIV, and QCOM. Volume was lighter likely due to the holiday shortened week. Hopefully, we can hold 2800 as support next week, however, semi names reporting Thursday night were mostly down (SNDK, CY, RMBS...).S&P closed just shy of resistance as depicted on the chart below. Now we have a perfect inverse H&S pattern. On a measured move basis, a successful BO target would add 90 points to SPX 1430.
On the SPY chart below we highlight the gap support area. Some backing and filling prior to BO would come as no surprise given the short-term extended posture.
Some of the bigger names reporting earnings the week of April 25th-29th:
- Monday: ABFS, CYOU, BEAV, BPOP, ACGL, MAS, RCII, SANM, UCTT, VECO, WRB, and WCN.
- Tuesday: MMM, ACPW, AKS, ACI, AN, CPLA, COH, KO, DAL, F, GPI, HSY, ITW, LMT, LO, MHP, ODP, PCH, RYN, UA, X, UPS, LCC, VLO, WDR, ADVS, AMZN, AJG, BGS, BDX, BRCM, BWLD, CNI, DV, EHTH, FORM, IRBT, LIFE, MIPS, HA, RFMD, SSCC, SWK, SFSF, SMCI, UHS, USNA, VSI, and WBSN
- Wednesday: ARMH, AUO, ABX, BA, BP, EAT, COP, DPS, ENR, GD, LAZ, LAD, ERIC, MSO, MCO, TUP, WLP, WHR, AKAM, ALL, AVB, BIDU, EBAY, FLEX, FLS, LOGI, MBFI, NSC, ORLY, SBUX, TQNT, and VAR.
- Thursday: ABC, BWA, BGG, BMY, CAB, CAH, CELG, CME, CCE, CL, XRAY, D, DOW, XOM, BEN, HEP, HST, IMAX, KBR, MJN, OXY, OMX, OSK, PEP, POT, PG, PHM, CELL, CSTR, DECK, TWC, STRA, KLAC, MSFT, MWW, NTGR, SIMO, TRLG, and VRSN.
- Friday: AXL, CAT, CVX, DHI, FLIR, GT, LEA, MRK, and WY.
SLV - Watching for short-term blow off top as price edges above the upper BB and trades along the upper channel line.
USD testing the upper level of support zone. Looking for an oversold technical bounce any time now.Biotech Day Trades
After last Monday's huge earnings gap, AMRN formed solid base, setting up a target trade back to the upper range of the gap up day.
AMGN and TEVA were earnings disappointments, setting up downside extensions.
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