Today in the market, Existing Home Sales opens a week of substantial data for the housing sector which has been mostly struggling so far this year.
- The National Association of Realtors will release their March report. This seasonally adjusted annual rate is expected to be up slightly to 5.54 million units.
Stocks moved higher and then lower last week, and volatility is expected this week as the pace of quarterly earnings accelerate.
- Currently, the S&P 500 is situated just below its 50-day moving average and well above its 200-day moving average.
- Analysts think a bullish sign for the index and for traders would take place if the index traded back above the 200-day moving average. If it fails to do so, some non-bullish sentiment may creep in on the market.
As mentioned just above, quarterly corporate earnings start to roll out today, with Alphabet, Hasbro, Halliburton, Kimberly-Clark, USB Group, TD Ameritrade Group, and Royal Phillips being a few of the big names expected to announce.
- If you plan to take any positions over earnings, be sure to examine the risk/reward tradeoff closely.
There are several economic reports expected to be released this week, including another key housing report tomorrow and a couple of consumer reports.
- Apr 23: Existing Home Sales
- Apr 24: New Home Sales
- Apr 24: Consumer Confidence
- Apr 26: Jobless Claims
- Apr 26: Durable Goods
- Apr 27: GDP
- Apr 27: Consumer Sentiment
Have a great week, and try not to let an unexpected earnings announcement get in the way of your trade!