Stocks Patiently Waiting For Big Economic Data on April 23
Stocks are pretty much flat today as we await a whole slew of economic data starting at 8:30 with the jobless claims.

Stocks Patiently Waiting For Big Economic Data on April 23

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April 23, 2020

Stocks – JPM, BAC, XLNX

Macro – SPY, QQQ


Well, markets are pretty much flat at the moment waiting for the big data dump that starts at 8:30. What have seen so far today out of Europe is not pretty. The Market Flash PMI for the Eurozone composite came in at 13.5 vs. estimates for 26. Services were even worse at 11.7 vs. estimates of 24. The report notes that it is the equivalent of the economy, contracting a 7.5% quarterly rate. Great, I can’t wait to see the US reading.

Let me remind you that Germany is still 25% off its highs, and Italy is still 34% off its highs.

S&P 500 (SPY)

In the meantime, the S&P 500 ETF, now has a minor downtrend that appears to have formed, right around $281, so that becomes a critical price point as we go forward today.


We can see that a similar trend is forming in the Qs.

JPMorgan (JPM)

JPMorgan continues to sit on support around $87. It is a significant level, and when you combine that with a downtrend that has now formed, you can’t help but think the stock may be getting ready to take that next leg lower, and perhaps push towards $81.


Bank of America (BAC)

Bank of America has a similar bearish setup, with the potential to push to $19.50.

bank of america, bac

Xilinx (XLNX)

Xilinx is trading lower today following results last night. The stock hit a wall around resistance at $91.75. It does have two levels of support to look for, one at $83, the other at $80.


Back later


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