Stocks Patiently Waiting For Big Economic Data On April 23

What have seen so far today out of Europe is not pretty. The Market Flash PMI for the Eurozone composite came in at 13.5 vs. estimates for 26. Services were even worse at 11.7 vs. estimates of 24. The report notes that it is the equivalent of the economy, contracting a 7.5% quarterly rate. Great, I can’t wait to see the US reading. 

Let me remind you that Germany is still 25% off its highs, and Italy is still 34% off its highs. 

S&P 500 (SPY)

In the meantime, the S&P 500 ETF, now has a minor downtrend that appears to have formed, right around $281, so that becomes a critical price point as we go forward today. 

NASDAQ 100 (QQQ)

We can see that a similar trend is forming in the Qs.

JPMorgan (JPM)

JPMorgan continues to sit on support around $87. It is a significant level, and when you combine that with a downtrend that has now formed, you can’t help but think the stock may be getting ready to take that next leg lower, and perhaps push towards $81.

jpmorgan

Bank of America (BAC)

Bank of America has a similar bearish setup, with the potential to push to $19.50.

bank of america, bac

Xilinx (XLNX)

Xilinx is trading lower today following results last night. The stock hit a wall around resistance at $91.75. It does have two levels of support to look for, one at $83, the other at $80. 

xlnx

 

Disclaimer: This article is my opinion and expresses my views. Those views can change at a moment's notice when the market changes. I am not right all the time and I do not expect to be. I ...

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