Tech Earnings in Focus
Monday started the week off with the bears. Volume came in lower so this sell off was on low volume. Now we have to decide if Texas Instruments
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PowerRating), which rallied in the after hours can put the plug in the tech leak. The Nasdaq 100 and Nasdaq composite both closed just under the 50 day moving averages, this will be a key point tomorrow. Is this break legit or will we climb back over. Lower volume breaks are always suspect so keep that in mind. TXN pulled off nice numbers and rallied, so will it be Good Bye to tech or a Good buy time for tech?
Crude fell on the day to close down 86 cents at $51.13 on the February contract. March will be the new front month and it closed off 85 cents to 52.55. Cold weather that hit over the weekend and is expected to continue put some pricing pressure but not enough to really push the prices higher. Gold closed down $2.30 to close at $634.10 on the day.
The bounce off the support late day showed the market holding. The low volume drop also shows some resiliency. AMD is after the bell Tuesday, that will be closely watched, any life and hope will give the market a reason to stop this pullback. I am looking for early upside then to see if we can hold. Retracing through 38.2% on today’s fall will be the first hurdle and then we’ll look for higher ground. Any rejection could open the flood gates to visit much lower ground. So the market could walk on egg shells while it finds its way as we open Tuesday.
Economic data for the week of January 22 —27: Tuesday10:00 State Street Investor confidence Index and Leading Indicators Wednesday10:30 Crude Inventories, Thursday 08:30 Jobless Claims, 10:00 Existing Home Sales, 10:00 Help Wanted Index, 10:30 Natural Gas Inventories, Friday 08:30 Durable Orders, 10:00 New Home Sales.
Some earnings for the week of January 22 — 27: Tuesday pre market — ADTN, BAC, BLK, EAT, COH, DHI, JNJ, PTIE, PNC, STTX, TLAB, UAUA, UTX, XRX and after the bell AMD, CTX, HYSL, IDTI, PTV, PHHM, QLGC, RDN, RFMD, STX, STLD, STM, SUNW, YHOO. Wednesday pre market FLWS, ABT, AMG, ALB, ABC, AME, AVX, CHKP, CPS, CNH, COP, GLW, DSPG, GD, HSY, MCD, SAP, UIS, WLP and after the bell ARBA, ASIA, CBT, EBAY, FFIV, FDC, ISIL, LSI, MTH, NFLX, NVLS, PTEC, QCOM, RMBS, RYL, SSTI, SWFT, SYMC, TALX, TER, TXT, VARI, VAR, WSTL. Thursday pre market AGR, ALK, ACV, ABI, T, BAX, BZH, BJS, CCMP, CAH, CRA, CY, DOW, DJ, F, FTD, IMCL, LM, LMT, LYO, MESA, MEH, NOK, BTU, PII, DGX, STJ, SPWR, TSM, UNP, ZOLL and after the bell AMGN, BEBE, CA, CSH, CPWR, ELX, FRNT, LSCC, LAVA, MSCC, MSFT, PMCS, SANM, SYK, SYNA, VSEA, WDC, ZL. Friday pre market CAT, CDWC, CCUR, FO, HAL, HON, IDXX, TROW and after the bell CHRT, EEP, NTY.
ES (S&P 500 e-mini) Tuesday’s pivot is 1432.25, the weekly is 1437.50. We broke through 1431.25 but came back to close just over it. This will be a very key area and now the daily pivot is just over this level. I would expect some upside early and back through 1434.75, if that can hold we should not see a need to test 1431.25. Rejection at 1434.75 would like result in 1431.25 testing and breaking to see 1427 again. Intra day support: 1431.25, 1427, 1424 and 1421.25. Resistance to look for: 1433, 1434.75, 1436-1437, 1438.50, 1440.50 and 1443. 60 minute chart is below.
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