Strong economic data and strong earnings result to boost the stock market

The stock market opened higher today following the strong retail sales data in March which record a 9.8% increase. Aside from the data, banking shares also performed better than expected. Citigroup and Bank of America easily beat the expectation.

Under the current situation, the stock market is expected to continue moving bullishly especially when companies reporting strong results.

Asian & European Stock market

The Asian stock market mixed today. Japan stock market up 21.70 points (+0.07%) to 29,642.69, China stock market down 17.73 points (-0.52%) to 3,398.99 and Australia ASX 200 up 35.50 points (+0.51%) to 7,058.60. The European stock market trading higher. DAX Germany up 0.31%, UK FTSE up 0.61%, and Euro STOXX600 up 0.46%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA keeps moving upward and printing new record high. Today, the index is expected to continue its bullish movement as the DJIA futures up more than 150 points. No change in the strategy yet in the stock market for now. Without any major change in the sentiment, it is better to continue to hold long positions and waiting for a major bearish correction to enter more long positions.

Apple Inc (AAPL)

AAPL share prices printed a bearish engulfing pattern yesterday. If the share prices move lower then the daily SMA 50 & 100 will become the support level to watch. Long positions could be taken near the averages when a test and bullish pattern formed.

Sundial Growers Inc (SNDL)

SNDL share prices move lower slowly and reached the daily SMA 100. The share prices currently trading near the level and there is a horizontal level to watch too. If the share prices could bounce with strong bullish momentum then SNDL will start a new bullish trend.