OUTLOOK
The market closes flat [AP|Stocks end mixed] following mixed earnings results from Pfizer, Merrill Lynch and United Tech. [AP|Pfizer profit misses estimates] , [CNN|Merrill Lynch posts $2B loss] , [United Technologies Profit Rises 22%] . A number of weak economic data hits the newswires within the day. [AP|Economy sends signals of more weakness to come] , [Jobless Claims less than expected|AP] , [Mid-Atlantic Manufacturing Slides Further in April|AP] . The market opens slightly lower spending the greater part of the day weak but still manages to break even. This movement appears as a candlestick doji and characterizes market indecision. The index needs to significantly surpass the last peak of 12733 before pulling back in order to keep the uptrend valid. Any downturn occuring at or below that level constitutes a "failure pattern" which is another alert that the short term trend may be changing. Google announces strong earnings after trading hours. [Google Profit Blows Past Expectations|CNBC]
PRICE AND TURNOVER
Close: 12,620.49 * Change: +1.22 (+0.01%) * Volume: 652,449,472
MARKET BREADTH
Net Adv Issues: -24 * Net Up Volume: +186,364,251 * Net New Highs: +46
TECHNICAL ANALYSIS
Major consolidation * Intermediate consolidation * Short term uptrend * Core support 11700 * Minor support 12270 * Resistance 12800
The market closes flat [AP|Stocks end mixed] following mixed earnings results from Pfizer, Merrill Lynch and United Tech. [AP|Pfizer profit misses estimates] , [CNN|Merrill Lynch posts $2B loss] , [United Technologies Profit Rises 22%] . A number of weak economic data hits the newswires within the day. [AP|Economy sends signals of more weakness to come] , [Jobless Claims less than expected|AP] , [Mid-Atlantic Manufacturing Slides Further in April|AP] . The market opens slightly lower spending the greater part of the day weak but still manages to break even. This movement appears as a candlestick doji and characterizes market indecision. The index needs to significantly surpass the last peak of 12733 before pulling back in order to keep the uptrend valid. Any downturn occuring at or below that level constitutes a "failure pattern" which is another alert that the short term trend may be changing. Google announces strong earnings after trading hours. [Google Profit Blows Past Expectations|CNBC]
PRICE AND TURNOVER
Close: 12,620.49 * Change: +1.22 (+0.01%) * Volume: 652,449,472
MARKET BREADTH
Net Adv Issues: -24 * Net Up Volume: +186,364,251 * Net New Highs: +46
TECHNICAL ANALYSIS
Major consolidation * Intermediate consolidation * Short term uptrend * Core support 11700 * Minor support 12270 * Resistance 12800
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