4/18/22 It’s Earnings Season!

News:

Markets failed to make any gains on Thursday ahead of the long weekend.

The Nasdaq led the way lower with a decline of 2+%. The Dow gave up the least falling just 0.3%.

With Easter behind us, futures are drifting lower but not a significant amount.

Besides the Elon Musk / Twitter (TWTR) drama the market is in a wait-and-see mode.

In the crypto world, Bitcoin^ fell below $40,000. Investors may be looking for safer bets. It’s worth noting that Jack Dorsey’s original tweet, arguably the world’s most famous NFTs, has lost upwards of 99% of it’s value.

Let’s take a quick look at technicals…

Technicals:

I’m still keeping a close eye on the VIX. A break above 25 could send the market significantly lower. So far it’s holding below that level and giving the bulls a chance maintain their advantage.

I expect the sideways action we’ve been seeing to break higher or lower this week. But at this point, it’s anyone’s guess what the next direction will be.

SPY Daily Candles – Chart via thinkorswim

RSI levels and the put-to-call ratio are neutral ahead of the open this morning.

Timing:

Today is the last day to file your taxes on time here in the states. In recent years the market has shown strength after the filing deadline has passed.

But ultimately I believe earnings will drive the market this week.

More banks are reporting today and the tech stocks start reporting tomorrow.

Here’s an outlook of the most notable names:

Table via Earnings Whispers

Watchlist:

*Low Float
^Open Position

*IPI has support at $110
*AMR is on watch
TRVI has support at $3
HNRG has support at $5.25
AMPY has support at $6.50
CEIX is on watch
SGML has support at $15
^VERU has support at $14
OBE has support at $9
^BORR has support at $4.50
GOGO has support at $23.50
^LXU has support at $24
BTU is on watch
^NAT has support at $2.50, resistance at $2.90
^NEXT has support at $7
CXW is on watch
UEC has support at $6
^TWTR has support at $45

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