This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Traders Focus on Ukraine, Technicals

Stocks in this article: SPY URBN DG DIA QQQ TLT GLD

NEW YORK (TheStreet) -- U.S. stocks could extend a move higher this week as investors turn their focus from the economy and corporate results toward Ukraine and technical analysis.

Only February retail sales and a preliminary reading on March consumer sentiment report are on the economic-data docker this week as investors will wait for next week's Federal Reserve meeting. And only two companies in the S&P 500 -- Urban Outfitters (URBN) and Dollar General (DG) -- will report results this week.

The biggest news is still the Ukraine. German Chancellor Angela Merkel scolded Russian President Vladimir Putin over the weekend, saying the planned referendum on whether Crimea should join Russia violated Ukraine's constitution.

Putin said last week that Russia has the right to invade Ukraine to protect ethnic Russians there and that Russia's parliament was moving toward a ruling that would make it easier to annex territory inhabited by Russian speakers.

If tensions in Ukraine escalates this week, global markets may decline, although technical aspects of stock market trading could keep SPDR S&P 500 (SPY), Dow Jones Industrial Average (DIA) and PowerShares QQQ (QQQ) elevated. All three indexes consolidated toward the end of last week, and built strong support levels under current prices. On Friday, a better-than-expected jobs report lifted stocks.

Meanwhile, iShares 20+ Year Treasury Bond (TLT) has risen recently on investor anxiety, completing a double-top pattern, and it could break lower.

Lastly, SPDR Gold Shares (GLD) continues to consolidate at yearly highs, and will most likely wait till more information comes out of Russia or till the Fed's policy decision next week before making a definitive move higher or lower.

If both iShares 20+ Year Treasury Bond and SPDR Gold Shares break to the downside in coming weeks, buying pressure should resume in U.S. equities and propel markets to new highs. SPY Chart SPY data by YCharts

At the time of publication, the author had no position in any of the funds mentioned.

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs