1. Further intermediate-term bullish momentum completed Index Rally of 2742, while Key Resistance lays at 2787.
2. The completion of the Rally will undoubtedly bring mild short-term bearish implications, having downside target to Mean Support of 2707.
3. Current short-term retracement bearish/bullish bias is 60/40
4. A Rather outstanding earnings season is winding down - Market is concluding the spring season earnings report, and It has been extraordinary.
5. Among the 465 S&P500 companies which have announced their earnings, 78.9 percent have outdone the estimates. That is the new record since 'Factset' started maintaining data. First quarter earnings growth holds at 26.2% with just 35 companies remaining to report. Revenue has gone up 8.2%, and also 75.2% of S&P500 companies have crushed the estimates. We have witnessed 48 guidance alerts for the second quarter, with 35 companies have risen their guidance. The current forward Price-earnings ratio stands at 16.6. The 22 remaining companies are filing reports this week.