Technical Level for Dow and S&P500 for April 17th

The chart for S&P500, Dow and Nasdaq showed bearish sign on Friday close. But the leg up from Futures helped all the three component from major sell off. The chart is still very bearish but it all depends on future data and the correction is expected to continue.

The first level to check for tomorrow in Dow for upside is 12947 followed by 12986 which is important break point for the upside with next stop level at 13069. While for the downside, Dow needs to break 12904 followed by 12849 and then check the resistance of 12805.

Leg up at the opening caused mini rally while expectation was sell off.

The first level to check for tomorrow in S&P500 for upside is 1376 followed by 1380 which is important breakpoint for the upside. While for the downside, Dow needs to break 1365 followed by important breakpoint of 1359.

S&P500 behaved as it was expected at the open.

For Earning watch out KO, GS, CSX, IBM, UBS.

For Day Trading watch out PCLN, AAPL, GOOG, FAS, FAZ, TNA, TZA, SVXY, UVXY, TVIX, XIV. (Remember volatility should be played on daily basis and its not a good long term investment)

For Long term play watch out INFY, NOK, PCX, WLT, ILMN.

Housing Starts (0.7M is expected lower will be bearish sign, higher will be bullish sign)

8:30 AM ET

Bank of Canada Announcement 9:00 AM ET

Industrial Production ( Production of 0.3%, Capacity utilization of 78.6% and manufacturing of 0.3% is expected)  9:15 AM ET

Overall don't expect much from this market as its in side way correction mode. Cash is still king. Avoid this market if possible.