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Second half of April

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Recently, the DJIA has been around 16,200 to 16,600 level. It looks like it is going to break out and heading to 17,000 level; however, the resistance level at 16,600 is really strong. Based on the pattern, it also looks like a triple top chart pattern or a big ascending triangle pattern. If we want to see higher on the DJIA, it needs to break 16,700 level.

The following are the news from second half of April to early May: Yum Brands' China restaurant sales improve; Facebook's CFO to step down; Boeing profit falls 12.7%; Qualcomm profit rises; Hedge fund Greenlight Capital warns of tech stock bubble; Amazon slumps as increased spending limits profit growth; Twitter sees $132 million loss as revenue and users grow; eBay posts first quarter loss tied to tax on foreign profit; consumer confidence decreases from six-year high; Marriott profit beats as North America room rates and occupancy rise; Yelp first quarter loss narrows boosts 2014 revenue outlook; Exxon Mobile profit falls for a fourth straight quarter; LinkedIn shares fall on weak outlook; Chevron first quarter profit slides 27%; Target CEO resigns as fallout from data breach continues.

Based on these main news and headlines, it looks like there are more negatives than positives.

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