Mixed Session As Earnings Heat Up

​U.S. markets were sluggish throughout Monday as Wall Street braces for the the busiest week of the 1Q earnings season. More than 140 S&P 500 companies are announcing numbers with nearly a third of the Dow components reporting earnings throughout the week.

Economic news was light with oil prices soaring to the highest levels of the year. Volatility showed some nervousness but held near-term and major resistance at the 12.50 level.

The Nasdaq gained 0.2% after tapping a high of 8,017. Lower resistance at 8,000-8,050 was cleared and held to keep 8,100-8,150 and all-time highs in the play.

The S&P 500 nudged up 0.1% following the run to 2,909. Near-term resistance at 2,915-2,925 held with a close above the latter leading towards 2,940-2,950 and fresh lifetime highs.

The Russell 2000 gave back 0.4% after testing an intraday low of 1,554. Fresh and upper support at 1,560-1,550 and the 50-day moving average was breached but held with a move below the latter signaling additional weakness.

The Dow dipped 0.2% following the intraday backtest of 26,458. Near-term and upper support at 26,500-26,250 held into the closing bell with a close below the latter being a continuing bearish signal.

Energy led sector strength after zooming 2.1%. Communication Services and Technology were higher by 0.5% and 0.2%, respectively.

Real Estate sank 1.1% to pace sector laggards. Materials fell 0.7% and Consumer Discretionary was lower by 0.3%.

  I hope this helps you prepare for the trading day. Make it a great one!

   Todd Mitchell