So where does the S&P go from here?

Market Pulse: May 2, 2010

The U.S. economic outlook and strong first quarter earnings have pushed the S&P to new highs. Last week the June E-mini opened at 1330.50 and closed the week at 1359.75. Keep in mind that on March 16 this contract closed at 1254.00. Over 100 points in six weeks with a small correction mid April; not bad. Since April 11, of the 269 companies in the S&P that have reported earnings, 77% have beaten analysts’ estimates. In 2011, we also have seen an increase in mergers and acquisitions. The latest announced today; one for $3.4B and the other for $6.8B. Money seems to be moving. You will see on the daily chart below that Stochastics are overbought, but with ADX at 43 and MACD bullish, I am not so concerned at this time. We will see how this week’s earnings look.

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