S&P 500 Daily Momentum: Bullish
S&P 500 Daily Overbought/oversold: Neutral (leaning overbought)
S&P 500 Weekly Momentum: Bearish (weakening)
S&P 500 Weekly Overbought/oversold: Neutral
S&P 500 Futures (June): Positive
Overall: The technicals aren’t pointing a specific direction today. However, with both Apple and Facebook reporting positive earnings, we are likely to have a sentiment-driven positive day, which the futures currently support.
The S&P 500 levels to watch today:
UPSIDE: 1879 (April 23rd’s high), 1882-1885 (4 data points and March’s high), 1893 (2 data points), 1897 (April 4th’s high and the all-time high), and 1900 (top of the Bollinger Bands).
LAST CLOSE: 1875.
DOWNSIDE: 1871-1873 (5 data points), 1869 (April 17th’s high), 1867 (February’s high), 1862-1864 (4 data points), 1860 (20 day moving average), 1856 (April 17th’s low and the 50 day moving average), 1854 (April 8th’s high), 1852 (April 9th’s low), 1849-1850 (January’s high and December’s high), 1846 (April 16th’s low), 1844 (April 15th’s high), 1841 (April 7th’s low), 1837 (April 8th’s low), 1834-1835 (2 data points and March’s low), 1832 (100 day moving average), 1830 (April 10th’s low), 1820 (bottom of the Bollinger Bands), 1814-1816 (3 data points), 1801 (150 day moving average), 1775 (October’s high), 1770 (January’s low), and 1769 (200 day moving average).
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Ed's Talking Stock 
I know ETF are not used by many here but I thought this article was interesting and the GVAL etf as a small part of one’s international portfolio might be useful:
http://www.marketwatch.com/story/only-a-hardcore-contrarian-would-buy-these-etfs-2014-04-23?link=mw_home_kiosk
ojunker,
I like the idea behind it. The only flaw is the etf is fairly new, and the volume on it is still pretty low.
I think I may initiate a small position as I really like the concept of stepping out and actually being a contrarian.
Also, I like the diversity of it. Picking just one of the undervalued markets could be risky. Having the etf holdings split between multiple undervalued markets is a good idea.
ojunker, a wise old man once told me you have to have a reason to be contrarian. Something to think about. 🙂
Whoa, there’s someone out there that Trader considers old? Crazy man, crazy…
Another article in the same thought process:
http://seekingalpha.com/article/2158393-emerging-markets-investing-where-others-fear-to-tread
I’m starting to see more strength as the S&P moves higher. Need to see if we can break above the recent highs and hold on pullbacks. If we do breakout, we could see a nice move up. We aren’t close to being overbought.
Well it look like I’ve shot myself in the foot on my AAPL shares. I like the stock LT but didn’t think it would have much of a pop until new product launches sometime later this year. However, I didn’t want to just sit on the shares till then so I sold a bunch of apr 25 CCs for about $12 per share with a strike of 530. That way I could generate some nice premium and reduce the basis of my shares while waiting. There was a good chance they could be called at 530, which basically left me at breakeven, but I figured I could just rebuy then.
Nope, we are now at 566 and it now looks like I will miss out on today’s gains when the shares get called on Friday. Oh well, can’t always be right.
Jeff – the pop in AAPL surprised me as well.
Jeff, I did the exact same thing except my calls are at 550. You are not alone on that one 🙂
Fellow Nelson, I only wish I were at 550. At least I didn’t lose anything. To be honest, I’m surprised its not much higher.
I’ll go out on a limb here. This bounce in AAPL won’t hold.
I have only one of my five Apple buys left — holding out for $600+ before the announced stock split.
Trader, your buy/sell record is very enviable; I wish mine had been as good in the last two years. Is your statement based on your chart reading or something else?
However, I think Apple will hold at least $550 for the next couple of weeks: (1) they raised the dividend, (2) the dividend is due in early May, (3) they have increased their stock buy back program, and (4) the stock split makes the stock more buyable by more small investors.
The move today has pushed it close to its recent highs, At the same time, it pushed the technical indicators I follow to overbought on the daily chart. Doesn’t mean it will crash but I would expect there will be some profit taking.
I added SPXU at $55.65.
I doubled SPXU at $54.79, lowering my dollar cost average to $55.22.
Sold both positions at $54.84, and a loss of 0.69%.
The first position got away from me when I got distracted at work. I tried to catch a momentum shift later with the second position, but that was short-lived.
KLIC @ 13.40. I’ll hold if it doesn’t work out today.
I see KLAC is basically flat today, trading at 67.20. I wonder if this is a buying opportunity, as one of their main competitors (LRCX) reported good numbers last night and is up 10%. KLAC reports tonight. I just bought some shares as a trade.
Are you going to also buy TAP today?
So funny. I had to think about it for a sec. 🙂
How is Klac doing Marshall? I secretly followed you in.
Bad Move Jeff – I see they are down 5% after hours. I will likely stay with them. The good news is SYNA is trading up 10% for me. So I was one for 2.
Hey, worth a shot and your logic made sense. I’ll probably sell tomorrow but I will keep them on my watch list. Current quarter was vey good but guidance was not optimistic. I think I’ve got better places to put my money.
I’m taking some small lumps here just trying to figure out where the market is going? I need to stop trying to force things and be happy with my neutral holdings.
Yes. I was right about the quarter just finished. But guidance was lame. I am going to hold my shares, collect the dividend, and see where it goes. I like the company.