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Market Review:
Setup Thursday
Thursday is the setup day for the end of the week. It is at this point that the market looks back at the first three days of the week and begins to set up the end of the week.
In the case of this week the first three days were positive. To be more specific the hour before the cash open on Tuesday was very positive. The market maintained a higher price level throughout the day on Wednesday. At this point we are looking to see the setup for Friday action in the market. A sizeable retracement in this market today would put the 4425.75 open of the week on the table. However, if the market hangs on to the gains from Tuesday morning again, then we could be looking at the possibility of challenging the high of the week/month.
Walmart reported earnings this morning. Watch the numbers.
Walmart (WMT) opened the year at 142.55. The second half of the year opened at 156.81. The fourth quarter opened at 159.49. WMT opened this month at 164.21. WMT seems to be heading up to break the 170.00 area.
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