Bear Market Bounce Continues , Watch Out For Resistances熊市反弹继续，注意阻力

US April industrial production+1.1%from March better than  +0.5% estimate, retail sales were +0.9% below +1% forecast but March data was revised up sharply to +1.4% from +0.5%. Other positives include Shanghai's plan to ease Covid lockdown, Bank of America statistics show that investors have the largest amount of cash in 20 years, the amount of technology short sell is the largest since August 2006, and its bull-bear indicator is 2, which is a buy signal for a rebound against the trend.  Bank of America said it would be just a rebound in a bear market. Analysts at Morgan Stanley, Goldman Sachs and BTIG have downside targets for the S&P 500 at 3400, 3600 and 3500, respectively. The Nasdaq has risen the 3 rd day in 4 and is now at 11870. The two resistances above will be 12000 and 12330. As it rises towards these levels the chances of  falling back down are high. U.S. stocks have retreated from today's highs and are rising again. U.S. stocks should still have room to rise, but consider closing bullish positions when the market indexes approach resistances. Fed Chair Jay Powell will speak at 11AM Pacific Time and what he said may dictate market direction.

美国4月份工业生产从3月+1.1%高于+0.5%预期，零售销售为+0.9%低于+1%预期但3月份数据则从+0.5%大幅上调至+1.4%。其它利好包括上海出台减低封锁的计划，美国银行统计显示投资人现金拥有量为20年来最大，科技空投量为2006年8月以来最大，其牛熊指标为2，是逆势反弹的买入信号。但美国银行称这将只是熊市中的反弹。Morgan Stanley，Goldman Sachs及BTIG分析师对标普500的下跌目标分别是3400，3600及3500。纳指已经在4天中上升了3日，现在是11870，上面的两个阻力将是12000及12330水平。到时再反转回落的机会大。现在美股已从今天高位回落后再次上升，今天美股应还有上升空间，不过要考虑趁市场上升接近阻力时平仓看涨头寸。美联储主席杰伊鲍威尔将在太平洋时间上午 11 点发表讲话，他所说的可能会决定市场方向。