The Week Ahead 2 - 22nd to 26th April 2013

The week ahead.

Data:

22nd April 

EU Consumer Confidence Indicator 

23rd April 

US House Price Index 
US New Homes Sales 

25th April 

UK GDP (Preliminary) 
US Bloomberg Consumer Confidence
US Continuing Claims   
US Initial Jobless Claims 

26th April 

US GDP (Advance)  
EU M3 Money Supply  
US Personal Consumption Expenditures, Income, Spending  
US U. of Michigan Confidence 

Company Announcements

24th April 

Finals - Home Retail Group. Been going well recently but the fundamentals are looking quite generous for a retailer. Will be interesting to see what effect if any the March/April winter weather has had on business. Note - my mistake this result is due next week.

Finals - Brown N Group. I first mentioned Brown in this post, Retailers Under The Cosh as one to watch in the FTSE250, potential takeover target and probably undervalued. Back then it was around 242p, today 420p as of Friday's close. Be interesting to see if it can maintain this momentum once it announces its finals. Didn't give anything away back in March as to what to expect.

25th April 

Interim Management statement - Playtech. Has done well lately out of doing business with William Hill and has also recently agreed a deal with Ladbrokes.

Markets and charts



Started this week in positive fashion both the FTSE100 and 250 currently up, but the trend on the daily charts are still more negative than positive. Both charts start the week with an oversold MACD that looks like it could be reversing to the upside, but it will take several more days of data to confirm that. The zero line on the daily charts is still some way off.

Meanwhile the 20dma has gone through the 50dma to the downside on the FTSE100, but is currently only just touching and threatening a crossover on the FTSE250.

Bollinger Band is weak and sloping down on both charts, but so far we don't have any big balloon type opening in the bands which is indicative of something severe. What we are seeing on both charts is almost the reverse of what went before when the market was in its steady uptrend from December last year to March. The bands are steadily sloping down.

FTSE100 seems to have bounced off support at around 6200, while the FTSE250 seems to have found some support at around 13440. If these levels continue to hold then we may be in for a period of consolidation.

Still everything to play for it would seem, but the odds favour either further falls or consolidation above support points right now. Not enough to turn bullish again as of right now.

FTSE100 - Daily

FTSE250 - Daily