The popular averages closed slightly to the downside on Friday after oscillating in a narrow range since Tuesday. The initial estimate for first quarter GDP indicated moderate growth, while the employment cost index grew. Consumer sentiment has weakened, while the Chicago PMI outlook for manufacturing has strengthened. Meanwhile, the prices of crude oil and gold rose on Friday.

   Tesla (TSLA +1.8%) achieved all-time intraday and closing highs Friday, while CEO Elon Musk described company projects at the 2017 TED conference. Tesla’s first quarter earnings will be reported May 3. CalAtlantic (CAA -4.8%) reported better than expected first quarter earnings and revenue, then succumbed to apparent profit taking.

   Above is my 3-month chart of the S&P 500 exchange traded fund (SPY). On January 25 the SPY reached a record high before some retracement. The up-trend picked up significantly as February began, which eventually led to a number of record closes including March 1.

   The white horizontal line in the chart indicates a level that was resistance in mid-February and then support in late February. It proved again to be support early in March. However it was decisively pierced on March 21. The 50-day-moving average provided support in late March before briefly giving way intraday on March 27. It gave way again in early April. Then it closed nicely above both the 50-day MA and my white line on Monday.

Updated following  each market day

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© Curt Renz

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