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S&P 500 ETF SPY: Earnings Should Life us Up Today!

Apr. 21, 2011 9:55 AM ETSPY
John Mylant profile picture
John Mylant's Blog
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Technically Speaking-
Technically, the S&P 500 ETF (SPY)—the big picture would have us ask if we will fill this gap today since it is the last day of trading. Volatility is still high. If we move down then expect the markets to move up.
We are at this magic resistance level of 133.40. We gapped up to it and could not move past that level all day, no matter how hard we tried, we could just not move past. This is what we will look for today in order to maintain our momentum.
Other Market Influences-
General Electric Co posted an 80 percent surge in first-quarter profit, blowing past Wall Street forecasts and joining a wave of better-than-expected earnings from U.S. manufacturers. We like hearing this, it can boast our bullish momentum.
The number of Americans filing new claims for unemployment benefits fell last week but held above the key 400,000 level, hinting at some loss of momentum in the labor market recovery. Initial claims for state unemployment benefits fell 13,000 to a seasonally adjusted 403,000, the Labor Department said on Thursday, unwinding some of the prior week's quarter-end jump. Nothing here to write home about, we do not think this will have a major impact on the markets today.
Upbeat U.S. earnings buoyed stock markets around the world Thursday ahead of another round of company reports, while the euro neared a one-and-a-half year high against the dollar as investors were willing to take on more risky trades. We like the sound of this and think it will continue to give us a bullish day!

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