Caterpillar swings to loss on workforce charge
Heavy machinery giant Caterpillar Inc. on Tuesday says it swings to a first-quarter loss, hurt by charges related to job cuts, as the prolonged economic slump and falling commodities prices continue to sap demand from the company’s top customers.
U.S. stocks start down as corporate earnings weigh
U.S. stocks opened lower on Tuesday, extending the prior session's steep decline, amid worries about the health of banks and as earnings reports weighed on sentiment. The Dow Jones Industrial Average fell 32.58 points to 7,809.15. The S&P 500 Index declined 3.24 points to 829.15, while the Nasdaq Composite shed 4.16 points to 1,604.05.
After Market Opens
U.S. stocks tilt mostly higher as Western Union delivers
U.S. stocks on Tuesday mostly erased opening losses as investors considered a mixed bag of corporate results, including better than expected results from Western Union Co. . The Dow Jones Industrial Average fell 6.30 points to 7,835.43. The S&P 500 Index climbed 1.16 points to 833.55, while the Nasdaq Composite gained 14.09 points to 1,622.30.
Technical Analysis
SPY(5d5m)
Fibonacci
Plotted a downside Fib, found that now the price retraces near the COP (61.8%). If it reverse at the COP and goes down pass the OP level, a short entry could be placed.
Indicators
6 indicators shows upside convergence. However, Stochastic and RSI are at their overbought level, starts to form reversal. Upside trend shows a weak strength, losing momentum.
Candlestick
Harami at the uptrend from the swing low point shows 'end of the uptrend'. It was then followed by a series of smaller candles of consolidation pattern. This further shows a strong signal of possible reversal.
Entry
Short entry could be placed upon the price retraces down passing the OP level.
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