{"id":5544,"date":"2012-04-19T07:31:08","date_gmt":"2012-04-19T12:31:08","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=5544"},"modified":"2012-04-19T07:31:08","modified_gmt":"2012-04-19T12:31:08","slug":"before-the-open-apr-19-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=5544","title":{"rendered":"Before the Open (Apr 19)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\nThe Asian\/Pacific markets closed mixed. Hong Kong (up 1%) was the only 1% mover. Europe is currently mixed. Austria (up 2.3%) is the only 1% mover. Futures here in the States point towards a moderate gap up open for the cash market.
\n<\/span>
\nThe dollar is up. Oil is flat, copper is down. Gold and silver are down.<\/span>
\nThe market remains in consolidation (or distribution) mode. The S&P is unchanged since its post-employment numbers gap down and also unchanged going back 5+ weeks. Here’s the 60-min chart. After breaking a 4-month trendline, the index traded into a small rising rectangle pattern which has bearish implications. A measured move down from the pattern takes the index to about 1310, but my first downside target is 1340 because it served as support in early February and March. <\/span>
\n\"\"
\nZooming in with the 15-min chart, a move up may find resistance between 1395 & 1400 and then at the highs around 1420.<\/span>
\n\"\"
\nRight now I consider the market range bound and very noncommittal. A move in either direction is equally possible, so I don’t have a strong near term bias. This isn’t a bad thing considering we don’t have many very good charts to play. Be defensive. Don’t churn your account while the market sorts things out. More after the open.<\/span>
\nheadlines at Yahoo Finance<\/a><\/span>
\nheadlines at MarketWatch<\/a><\/span>
\ntoday’s upgrades\/downgrades<\/a><\/span>
\nthis week’s Earnings<\/a><\/span>
\nthis week’s Economic Numbers<\/a><\/span>
\n