Nasdaq (-0.01%) was flat yesterday and the Doji candle confirms, even more, the indecision in the market now. The bear flag might signal a downtrend but be prepared for all scenarios.
SP-500 (+0.21%) closed a little bit higher, but with high volatility for the day. We might see a support test in the 4100 area. We might see both a reversal from these levels or a break which might send the prices even lower.
In the news
Boeing lost $1.1 billion on the Trump Air Force One contract; the CEO regrets the deal.
Hong Kong residents are flocking to Singapore, snapping up rental homes.
Denmark becomes the first country to halt its Covid vaccination program.
Russian Supply Concerns Drive Natural-Gas Prices Higher.
Sectors
Best yesterday sector: Basic Materials, then Energy. Worst sector: Communication Services.
Best weekly sector: Consumer Defensive, then Real Estate. Worst sector: Communication Services.
Best monthly sector: Consumer Defensive, then Real Estate. Worst sector: Communication Services.
Sentiment
NAAIM (weekly, neutral between 70 and 90): 74.05
VIX (neutral under 20): 31.60
Equity Put / Call Ratio (neutral between 0.7 and 1): 1.16
CNN Fear & Greed: 32 (Fear)
Breadth
Stocks above SMA40 (neutral between 30 and 80): 30.31%
Stocks above SMA200 (neutral above 30): 30.19%
Number of stocks that increased yesterday by more than 4%: 267
Number of stocks that decreased yesterday by more than 4%: 177
McClellan Oscillator (neutral between -100 and 100): -126.71
Earnings Reports
Facebook was most high in the eyes of investors, popping more than 18% after hours. That was in spite of a 21% drop in profits and its slowest quarterly revenue growth since IPO. Ford sees first-quarter profit dragged lower by Rivian stake, but maintains 2022 earnings guidance. Qualcomm revenue pops 41% driven by Android phone chip sales. Pinterest stock rose in after-hours trading Wednesday after the social media company reported first-quarter 2022 earnings. Boeing posts loss as it grapples with delays on commercial and defense programs.
Amazon ($AMZN): analysts are targeting revenue of $116.3 billion for the first three months of 2022, up 11.3% over the year-ago period. Earnings of $8.13 per share (-48.5% YoY) are also expected. Apple ($AAPL): analysts are anticipating earnings of $1.43 per share for the iPhone maker (+2.1% YoY). Twitter: Wall Street pros are calling for revenue of $1.2 billion (+19.2% YoY) and earnings of 3 cents per share, down from the 16 cents per share profit it recorded in the year-ago period.
Other noteworthy earnings reports for today & EPS estimates:
What to trade today
The market stays at a support area and in oversold territory. We might see a (short?) reversal now or a support break. No forecasts, just price action interpretation.
Keep the previous stocks presented during this & last week on the watchlist: $CLF, $HUM, $HCP, $MNDY, $BILL, $CELH, $DLO, $U (see the previous Trading Plans for graphs).
Do your due diligence if or when placing a trade. All ideas stated here are my own and do not represent trading or investment advice.
In order to learn more about trading, you may want to read:
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always appreciate your analysis. After reading your review on The Perfect Speculator I screened two new stocks. CRK, and RCMT. No money invested due to market outlook but RCMT jumped 35% today on earnings! I definitely will keep reading. Thanks.