End Of Day Post

The markets made a big push higher today, driven by earnings results and comments from the European Central Bank (ECB). In a statement today, ECB President Mario Draghi said the ECB would be willing to deliver more economic stimulus measures. This had a very positive impact on the U.S. markets, as fear of overseas weakness has hindered these markets for quite some time. All three majors posted gains north of 1.5% on the session.

We now find ourselves breaking back into previous support levels: 17,400 on the INDU and 2,050 on the S&P. A stronger global economy will play its part in adding bullish fuel; however, earnings will be the main factor to any continuation of bullish movement. We need to see if the markets can move deeper into their old range set back in the spring/summer of this year.

So far, earnings have been more positive to this point – although not all positive reports have been met with buying. AMZN, GOOG, MSFT and T are all moving higher after hours with favorable results.

Mid-Week Outlook:

• Bull: 15%
• Sideways: 68%
• Bear: 17%

Have a great night,

Maverick Trading