Pre-Market Brief

Good morning. Futures are moderately lower, sp -6pts, we're set to open at 2100. However, another latter day recovery would seem highly probable. Metals continue to climb, Gold +$3. Oil is cooling, -1.1%.


sp'daily5

sp'weekly7

Summary

*it is notable that we have a second green candle on the weekly 'rainbow' chart... there is simply nothing bearish here, and the sp'2130s look due.
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So... we're set to open a little lower, but all things considered, the declines won't likely last long. New historic highs look due, with the R2K/NYSE Comp' already having done it

Earnings are clearly coming in better than most expected, and if that continues, market should easily battle higher into next month.

For me, the only issue is whether we see a short term high by mid May... or mid June. Even then... downside is going to remain very limited unless something scary happens.

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notable strength, NFLX, +12% to $532... as earnings miss.. but hey... if its good enough for AMZN, why doesn't everyone just trade at a loss?

C +2.1%, as earnings beat.

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Update from Mr C.


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Have a good Thursday

Nasdaq getting close

The Nasdaq Comp' saw a net daily gain of 33pts (0.7%) to 5011..  mere 121pts (2.4%) from breaking the March 2000 tech bubble high of 5132. A monthly close in the 5200s would be hyper bullish for the broader market, and be suggestive of a straight run to the 6000s by year end.


Nasdaq comp' monthly'2

Nasdaq comp' daily

Summary

New historic highs were hit today in the R2K and NYSE Comp'. The rest of the indexes - including the Nasdaq Comp', look set to follow in the near term.

Any monthly close in the 5200s would be a powerfully bullish signal, and bode for continued upside.. at least into Sept/Oct.
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Looking ahead

Thursday will see the usual weekly jobs, housing starts, phil' fed.

*there is a quartet of fed officials on the loose... one of which (Rosengren) is even in my home city of London.
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Goodnight from London

Daily Index Cycle update

US equities closed higher for a second consecutive day, sp +10pts @ 2106. The two leaders - Trans/R2K, settled higher by 0.1% and 0.8% respectively. Near term outlook remains bullish, with the sp'2130/40s viable within the next few weeks. Equity bears have little realistic hope until at least mid May.


sp'daily5

R2K

NYSE Comp'

Summary

*notable new historic highs for the R2K and the NYSE Comp'
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It was merely another day for the equity bulls, and the rest of the US indexes look set to break new historic highs in the near term.

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a little more later...