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Handicapping Tuesday's Earnings Reports

NEW YORK ( TheStreet) -- Tuesday's earnings reports includes five components of the Dow Industrial Average, and gives us a gauge on spending on technology spending, medical consumer products, healthcare maintenance services and soft drinks.

Away from the Dow industrials we have a railroad and an investment banking firm. By the end of Tuesday we will have a better sense of what's happening in several segments of the U.S. and global economies.

Last week the Dow declined 282 points to 13,329 testing and holding its 50-day simple moving average at 13,318.79. There was a technical downgrade on the weekly chart as the Dow ended the week below its five-week modified moving average at 13,356. The shift to neutral becomes a problem over the next week or two if the weekly momentum reading begins to decline out of overbought territory.

The weekly chart shows downside risk to the 200-week simple moving average at 10,984, which held on weakness between August 2011 and September 2011. My annual value level is 12,312 with a monthly pivot at 13,506 and annual and quarterly risky levels at 14,032 and 14,192, which are below the October 2007 high at 14,198.10.

Source: Thomson/Reuters
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Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

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