April is statistically bullish for Industrial Stocks. We will receive most of the earning reports in the next few weeks (Earning's Season). We also get a bunch of 1000 ET economic reports today along with the 1030 ET crude report.
The Market overnight has traded below yesterday's overnight low, but is currently above that level. Bullish technical traders may be disappointed that the market could not stay above the 800 level yesterday.
Yesterday gives us little statistical foresight into what may happen today. It was an inside day, but not an Narrow Range 4 or 7 day. Also, the close finished in the middle of the range indicating an indecisive day.
The Cumulative $TICK Indicator is indicating more bullishness than bearishness.
The moving averages of the NYSE Advance - Decline Line is in a short-term downtrend, but still remains in bullish territory.
Charles
No comments:
Post a Comment