Bigger Picture
Look ahead: Economic Calendar – for Tue Apr 30, 2019
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: Tuesday’s post-open PMI is released privately several minutes earlier to institutional subscribers, and the price reaction tends to repeat when released publicly. It is followed by Consumer Confidence, which is both high-profile and reliable for influencing price action. The pre-open reports are neither, but any noticeable reaction anyway would likely be duplicated by the post-open reports.
Employment Cost Index
8:30 AM ET
Redbook
8:55 AM ET
S&P Corelogic Case-Shiller HPI
9:00 AM ET
*Chicago PMI
9:45 AM ET
*Consumer Confidence
10:00 AM ET
Pending Home Sales Index
10:00 AM ET
Farm Prices
3:00 PM ET
Saturday Review’s recording (for 4/27/19) …Eke.
The week got off to a slow start, albeit absorbing a gap down coming out of the weekend. Tuesday morning’s rally was also the week’s rally, representing its only uptrend. Everything that followed was hesitation, backing-and-filling, and retracing. Until one hour before Friday’s close, which rallied again.
This week’s Review discusses how we knew from Tuesday’s surge and then from subsequent price action that fresh highs were still coming. We also discuss how that subsequent price action already defines any further probe of fresh highs, and what Friday’s new trend high close means, and doesn’t mean.
The following stock requests were reviewed in this order:
AMZN, GOOGL, GE, TSLA, XLNX, BIIB
transcript
—————– (04/27/2019 09:32) —————–
Rod David: Welcome to Saturday Review. Please post questions and comments as they occur to you.
David B: Good Morning
—————– (04/27/2019 09:57) —————–
Adam: Is the distribution from a few weeks ago still relevant for a bigger picture top forming?
—————– (04/27/2019 10:00) —————–
David B: was that distribution pattern since the market has rallied were those strong hands wrong?
—————– (04/27/2019 10:11) —————–
David B: GOOGL,GE
—————– (04/27/2019 10:16) —————–
David B: TSLA
David B: was 250 a key level broken in resuming the downtrend?
—————– (04/27/2019 10:23) —————–
David B: XLNK
David B: is this similiar like biogen
—————– (04/27/2019 10:32) —————–
David B: yes
—————– (04/27/2019 10:33) —————–
David B: its was the right stock
David B: do you see a melt up?
David B: for the market
David B: good employment report?
—————– (04/27/2019 10:35) —————–
David B: that is what i’m talking about multiple sessions
—————– (04/27/2019 10:37) —————–
David B: Thanks
Bill G: thanks
Saturday Review Link
Be sure to join us by 9:30am ET for this weekend’s Saturday Review. After discussing the bigger picture and gaming out strategies for playing next week’s likelier opening setups, we’ll do instant analysis of any stock charts that you request… See you there!
Saturday Review Link
Be sure to join us by 9:30am ET for this weekend’s Saturday Review. After discussing the bigger picture and gaming out strategies for playing next week’s likelier opening setups, we’ll do instant analysis of any stock charts that you request… See you there!
Daily Spot…
A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today’s Market Wrap.
Eurodollar Jun Contract (EC, ETF: (FXE, UUP))
Friday’s knee-jerk reaction to GDP blipped-down to a fresh low attacking 1.1155 before snapping back up to Thursday’s 1.1200 high, and then higher. The bounce still has room up to 1.1235 before signaling a recovery underway. No unfinished business remains outstanding below.
Gold Jun Contract (GC, ETF: (GLD))
Blipping-down to 1276.00 in reaction to Friday’s GDP snapped back up through Thursday’s 1285.00 high to attack 1291.00, the highest level in 2 weeks and essentially confirming that a bottom is forming.
Silver May Contract (SI, ETF: (SLV))
14.88 held as support through Friday’s GDP reaction that snapped back up to attack the highest levels in 2 weeks above 15.00. As with Friday, any early strength coming out of the weekend would be credible for extending intraday.
30-year Treasury Jun Contract (US, ETF: (TLT))
Only touching the 146-30 sell signal during Friday’s GDP reaction was deep enough to snap back up to fresh recovery highs, testing “higher prior lows and filling a 2-week old gap at 147-22. The gap-fill held, and back under 147-06 would now suffice to signal one more low underway targeting 145-24.
Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s late break under the 65.55 pullback limit proved prescient as Friday gapped down to the 64.35 sell signal and extended to attack 62.25 before noon. A second consecutive lower close Monday would confirm, but the reversal is premature, so recovering 64.10 prior highs is likelier.
Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
[Rolling coverage forward from May which trades at a 4-cent premium to May]… Thursday’s recovery to the 2.54 buy signal extended higher immediately to 2.60, now requiring a second consecutive higher close Monday to confirm a bottom has formed.