Daily Market Update for 4/27
Summary: Equities were mixed as the US Dollar continues to strengthen against the Euro and Japanese Yen.
Notes
Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog.
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Wednesday, April 27, 2022
Facts: -0.01%, Volume lower, Closing Range: 21%, Body: 4% Red
Good: Lower volume on decline
Bad: Lower high, lower low, closing range, long upper wick
Highs/Lows: Lower high, Lower low
Candle: Thing red body near bottom of candle underneath a long upper wick
Advance/Decline: 0.51, two declining for every advancing stock
Indexes: SPX (+0.21%), DJI (+0.19%), RUT (-0.34%), VIX (-5.73%)
Sector List: Technology (XLK +1.48%) and Materials (XLB +1.47%) at the top. Real Estate (XLRE -0.60%) and Communications (XLC -2.23%) at the bottom.
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Market Overview
Equities were mixed as the US Dollar continues to strengthen against the Euro and Japanese Yen.
The Nasdaq closed just -0.01% lower after a morning rally failed and turned into afternoon selling. The 4% red body underneath a long upper wick shows the round trip to intraday highs that eventually resulted in a 21% closing range. There were two declining stocks for every advancing stock.
The S&P 500 (SPX) did better, helped by Microsoft and the Technology sector. It closed +0.21% higher. The Dow Jones Industrial Average (DJI) gained by +0.19%. Small-caps did not fare well, with the Russell 2000 (RUT) declining -0.34%. The VIX Volatility Index dropped -5.73%.
Six of the eleven S&P 500 sectors gained today. Technology (XLK +1.48%) led the list with help from Microsoft. Materials (XLB +1.47%) was the next best sector. Communications (XLC -2.23%) was at the bottom of the sector list, brought down by Google and Facebook losses.
The US Dollar continues to strengthen. The index (DXY) that measures the dollar against a basket of other currencies, rose +0.68% today. It is up more than 5% for the month. Treasury Yields rose. High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices declined. Silver and Gold continued to drop. Brent Oil remains around $105 a barrel.
The put/call ratio (PCCE) rose to 0.937. The CNN Fear & Greed index remains deep in the Fear region.
Microsoft (MSFT) led the big six mega-cap list with a +4.81% gain after strong earnings. Alphabet (GOOGL) led the declines with a -3.75% loss after taking another hit on advertising revenues. Meta (FB) declined by -3.32% as investors expected a similar fate, but then the company surprised with stronger-than-expected user growth and the stock rose % by 18 in extended trading.
Visa (V) was the top mega-cap, gaining +6.47% after telling investors there was no impact on the business from economic and geopolitical situations. Mastercard (MA) rose +5.07% thanks to the Visa news. Alphabet and Facebook were the worst two mega-caps for the day.
JD.com (JD) led the Daily Update Growth List with a +7.91% gain. Enphase (ENPH) deserves an honorable mention after climbing +7.72% to land in the second spot thanks to strong earnings. Beyond Meat (BYND) is also notable. The stock gained +30% intraday on misunderstood news coverage. After the news was clarified, the stock dropped but held onto a +7.57% gain.
Roku (ROKU) was at the bottom of the list again, declining by -7.63% today.
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Looking ahead
We'll get the first look at GDP for Q1 on Thursday. We'll also get the weekly Initial Jobless Claims.
The big six mega-caps will finish out their earnings season with Apple (AAPL) and Amazon (AMZN) reporting on Thursday. In addition, Mastercard (MA), Eli Lilly (LLY), Merck (MRK), Thermo Fisher Scientific (TMO), Comcast (CMCSA), Intel (INTC), and McDonald's (MCD) are among many more reporting in this busy earnings week.
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Trends, Support, and Resistance
If the one-day trend continues into Thursday, that will be near the trend line from the 3/29 high and result in a +0.47% gain.
The five-day trend line points to a -2.24% decline.
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Wrap-up
Earnings continue to surprise in multiple ways. While Meta faces some of the same earnings pressures as Google, the company was able to show strong user growth and excite investors. Overall the earnings season continues to show companies outperforming and showing a positive outlook even amidst headwinds.
Stay healthy and trade safe!
Notes
Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog.
-=x=-=x=-=x=-=x=-=x=-=x=-=x=-
Wednesday, April 27, 2022
Facts: -0.01%, Volume lower, Closing Range: 21%, Body: 4% Red
Good: Lower volume on decline
Bad: Lower high, lower low, closing range, long upper wick
Highs/Lows: Lower high, Lower low
Candle: Thing red body near bottom of candle underneath a long upper wick
Advance/Decline: 0.51, two declining for every advancing stock
Indexes: SPX (+0.21%), DJI (+0.19%), RUT (-0.34%), VIX (-5.73%)
Sector List: Technology (XLK +1.48%) and Materials (XLB +1.47%) at the top. Real Estate (XLRE -0.60%) and Communications (XLC -2.23%) at the bottom.
-=x=-=x=-=x=-=x=-=x=-=x=-=x=-
Market Overview
Equities were mixed as the US Dollar continues to strengthen against the Euro and Japanese Yen.
The Nasdaq closed just -0.01% lower after a morning rally failed and turned into afternoon selling. The 4% red body underneath a long upper wick shows the round trip to intraday highs that eventually resulted in a 21% closing range. There were two declining stocks for every advancing stock.
The S&P 500 (SPX) did better, helped by Microsoft and the Technology sector. It closed +0.21% higher. The Dow Jones Industrial Average (DJI) gained by +0.19%. Small-caps did not fare well, with the Russell 2000 (RUT) declining -0.34%. The VIX Volatility Index dropped -5.73%.
Six of the eleven S&P 500 sectors gained today. Technology (XLK +1.48%) led the list with help from Microsoft. Materials (XLB +1.47%) was the next best sector. Communications (XLC -2.23%) was at the bottom of the sector list, brought down by Google and Facebook losses.
The US Dollar continues to strengthen. The index (DXY) that measures the dollar against a basket of other currencies, rose +0.68% today. It is up more than 5% for the month. Treasury Yields rose. High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices declined. Silver and Gold continued to drop. Brent Oil remains around $105 a barrel.
The put/call ratio (PCCE) rose to 0.937. The CNN Fear & Greed index remains deep in the Fear region.
Microsoft (MSFT) led the big six mega-cap list with a +4.81% gain after strong earnings. Alphabet (GOOGL) led the declines with a -3.75% loss after taking another hit on advertising revenues. Meta (FB) declined by -3.32% as investors expected a similar fate, but then the company surprised with stronger-than-expected user growth and the stock rose % by 18 in extended trading.
Visa (V) was the top mega-cap, gaining +6.47% after telling investors there was no impact on the business from economic and geopolitical situations. Mastercard (MA) rose +5.07% thanks to the Visa news. Alphabet and Facebook were the worst two mega-caps for the day.
JD.com (JD) led the Daily Update Growth List with a +7.91% gain. Enphase (ENPH) deserves an honorable mention after climbing +7.72% to land in the second spot thanks to strong earnings. Beyond Meat (BYND) is also notable. The stock gained +30% intraday on misunderstood news coverage. After the news was clarified, the stock dropped but held onto a +7.57% gain.
Roku (ROKU) was at the bottom of the list again, declining by -7.63% today.
-=x=-=x=-=x=-=x=-=x=-=x=-=x=-
Looking ahead
We'll get the first look at GDP for Q1 on Thursday. We'll also get the weekly Initial Jobless Claims.
The big six mega-caps will finish out their earnings season with Apple (AAPL) and Amazon (AMZN) reporting on Thursday. In addition, Mastercard (MA), Eli Lilly (LLY), Merck (MRK), Thermo Fisher Scientific (TMO), Comcast (CMCSA), Intel (INTC), and McDonald's (MCD) are among many more reporting in this busy earnings week.
-=x=-=x=-=x=-=x=-=x=-=x=-=x=-
Trends, Support, and Resistance
If the one-day trend continues into Thursday, that will be near the trend line from the 3/29 high and result in a +0.47% gain.
The five-day trend line points to a -2.24% decline.
-=x=-=x=-=x=-=x=-=x=-=x=-=x=-
Wrap-up
Earnings continue to surprise in multiple ways. While Meta faces some of the same earnings pressures as Google, the company was able to show strong user growth and excite investors. Overall the earnings season continues to show companies outperforming and showing a positive outlook even amidst headwinds.
Stay healthy and trade safe!
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