On Monday, stocks inched higher, but throughout the session it was obvious that worries over international tensions were keeping buyers in check.
Oil futures had a solid gain of 1.6%, closing at $53.08 per barrel. The gain was attributed to a U.S. missile attack on a Syrian airbase and the “turnaround” of a carrier fleet with a new heading to North Korean waters. Rumors spread of Chinese troops heading for the North Korean border, but the report could not be confirmed.
The shortened week, due to Good Friday, will still have some noteworthy earnings: Citigroup Inc (NYSE:C), JPMorgan Chase & Co (NYSE:JPM), and Delta Air Lines, Inc. (NYSE:DAL) are expected to report Q1.
Despite the international tensions, gold fell 0.3% to $1,251.10 per ounce.
At the close, the Dow Jones Industrial Average rose 2 points at 20,658, the S&P 500 gained 2, as well, with a close at 2,357, the Nasdaq rose 3 points at 5,881, and the Russell 2000 closed at 1,367 for a gain of 3 points. The NYSE’s primary exchange traded 661 million shares with total volume of 2.7 billion shares, and the Nasdaq crossed 1.6 billion shares. On the Big Board, advancers outpaced decliners by 2.1-to-1, and on the Nasdaq, decliners led by a small margin. Blocks on the NYSE fell to 5,438 from 6,168 on Friday.
The “most-watched index,” the Dow Jones Industrial Average, topped on March 1 at 21,169 and has taken back about 50% of the move from the breakout at January’s high at 20,125. Now prices are being squeezed between the resistance line at 20,750 and the 50-day moving average at 20,045. Volume gives no clue as to the direction of the coming break, but MACD is negative and that could determine the outcome.
Conclusion: Shortened weeks don’t usually provide new market directions. However, the market’s near-term direction may depend on the international situation.
We are faced with America’s largest companies’ stocks at an apex, which is a bull/bear inflection point. Take your choice or stand aside. Cash is looking better and better.
Today’s Trading Landscape
To see a list of the companies reporting earnings today, click here.
For a list of this week’s economic reports due out, click here.
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