Stock market has a good day as S&P 500 and Dow jones index both achieve new high for the year. Dow is breathing close to its historic 18000 level and now index is trading at 17900 level. This is very possible that we may see stock will hit the 1800 level this week. After market short pull back, today’s JPM stock strong earnings surprise helps market to gap up and continued to run to the up side.
Dow jones index:
Dow jones index is up 1.05 % or 185 points today. Index made small pull back from 17800 to 17500 level and started to move on upside. Techcally index had no strong resistance up to the 18000 points. Index may mov up to the 18000 points and make some pull back or side ways action before heading toward the new high.
S&P 500 index is leading this rally from February 2016 to current date. SPX broke its 2000 level earlier days and was able to holding above in the recent pull back of the index. SPX went down to 2033 points in its recent pull back and able to start upward move without touching its resistance line and 100 simple moving average And 200 day simple moving average line. Index is now trading at 2080 level and maybe we will 2100 level in few days.
JPM has the earnings today, JPM chart was prone to the bearish side. JPM was in the wedging pattern and seemed to stock broke to the down side. However, today earning surprise changed everything to the chart. Stock expected earning was $1.26 and real earning was $1.35. Stock beats the earning consensus by 7.1 %. Now stock looks it broke down side wedge pattern and ready to move upward. Today stock open at the price 60.45 which is also a pivot point for the stock. Stock easily broke the 100 day moving average and reached up $62. Stock is now up 4.5% .Stock this earning beats will affect other stock in financial sectors. Financial sector is a highly laggard stock for the current upward move. JPM earning can affect overall outlook of the financial stock.
Today another stock is look at Citi group. This stock is already up 5.5 % today. This stock was completely underdog in recent bull market move. Today’s move induced by JPM earning can be new uptrend for the stock. Stock today is trading above its previous pivot point and strong volume all across the board. Stock is still needs to move at least 14 percent top regain its yearly loss.
GS stock also made strong move today with JPM earning report. Currently stock is up more than 3 %. One point is interesting to look that stock broke its resistance line today. Stock open today right above the resistance line and trades higher all day. Now GS Char looks good for bullish movement. May be a good earning like JPM will push the stock even higher in the upcoming days. Stock is still 13 % behind from its last year and need to move at least 13 % to catch up the major indexes move.