THE important number for the week on the SP500 was 1370. Why? 1370 was the 2011 high. It was also the level for the 50 day moving average on Monday, though the 50 day moving average has since moved higher to about 1375. 1370 was also the resistance level back at the end of February (an area perhaps to be known as "the left shoulder").So where did we close the week? Yes indeedy. 1370. So we are just barely back below the 50 day moving average.
Sector update: JPM and WFC reported earnings this morning, and regional banks were the worst performing sector (KRE) on my list. (Your list may vary. LOL) AAPL was down almost 3% today on volume, and closed below the 20 day moving average for the first time since December. Metals and mining were weak all around, from gold, silver, coal, steel, copper. Energy (oil, OIH) were also weak, though perversely UNG closed up 0.01.
Next week we have many more earnings reports against a backdrop of historical positive seasonality. Clearly we are at an interesting juncture in the market.