Market Direction Depends On Earnings From These 7 Stocks Reporting This Week

Disclosure: I do not own or plan to own positions in Boeing, Caterpillar, DuPont, Coca-Cola, 3M, Procter & Gamble or United Technologies.

The Dow Jones Industrial Average continues to have a statistically negative weekly chart, which could easily end this week either negative or neutral. It all depends on the reactions to from Boeing, Caterpillar, DuPont, Coca Cola, 3M, Procter & Gamble and United Technologies, who report first quarter 2017 earnings before the opening bell on Tuesday or Wednesday.

The Dow (20,547.76 on April 21) set its all-time intraday high of 21,169.11 on March. 1. My quarterly value level is 19,189 with weekly, monthly and semiannual pivots at 20,576, 20,621 and 20,893, respectively. My annual value level is 15,111. Sell strength to my annual and semiannual risky levels of 22,042 and 22,148, respectively.

The weekly chart for the Dow remains statistically negative with the average just below its key weekly moving average of 20,563.63. Weekly momentum ended last week declining to 65,92 down from 70.39 on April 13.

Here are the weekly charts and how to trade the stocks.

Boeing (BA) reports earnings before the opening bell on Wednesday. The stock closed at $180.38 on April 21, up 15.9% year-to-date. Boeing set its post-election high of $185.71 on March 2, and is in bull market territory, 27.7% above its Nov. 8 low of $141.29.

The weekly chart for Boeing is neutral with the stock just above its five-week modified moving average of $176.17, and well above its 200-week simple moving average of $135.73. The 12x3x3 weekly slow stochastic reading ended last week at 74.15, slipping from 74.65 on April 13.

Buy Boeing on weakness to my quarterly value level of $141.52. Aggressive buyers can do so on weakness to my annual pivot of $177.45. Sell strength to my Semiannual risky level of $195.90.

Caterpillar (CAT) reports earnings before the opening bell on Tuesday. The stock closed at $94.32 on April 21, up just 1.7% year-to-date. Caterpillar set its post-election intraday high of $99.46 on Jan. 27. The stock is 13.6% above its post-election low of $83.06 set on Nov. 8.

The weekly chart for Caterpillar is positive with the stock just above its five-week modified moving average of $93.96, and above its 200-week simple moving average of $86.59. The 12x3x3 weekly slow stochastic ended last week at 38.62, up from 35.94 on April 13.

Buy Caterpillar on weakness to my semiannual value level of $85.41. Sell strength to my monthly risky level of $99.53.

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DuPont (DD) reports earnings before the opening bell on Tuesday. The stock closed at $78.65 on April 21, up 7.2% year-to-date. DuPont set its post-election high of $82.37 on March 28, up 18.8% from its post-election low of $66.19 on Nov. 9.

The weekly chart for DuPont is negative with the stock just below its five-week modified moving average of $78.82 and above its 200-week simple moving average of $64.59. The 12x3x3 weekly slow stochastic reading ended last week at 72.93, down from 79.77 on April 13, trending below the overbought threshold of 80.00.

Buy DuPont on weakness to my quarterly value level of $66.48. My monthly pivot is $79.07. Sell strength to my semiannual and annual risky levels of $86.82 and $89.51, respectively.

Coca Cola (KO) reports earnings before the opening bell on Tuesday. The stock closed at $43.07 on April 21, up 3.9% year-to-date. Coca-Cola set its post-election high of $43.79 on April 19. The stock is 8% above its post-election low of $39.88 set on Dec. 1.

The weekly chart for Coke is positive but overbought with the stock above its five-week modified moving average of $42.41 and above its 200-week simple moving average of $41.56. The 12x3x3 weekly slow stochastic reading ended last week at 84.87, up from 81.90 on April 13, trending above the overbought threshold of 80.00. Buy Coke on weakness to my monthly value level of $40.45. Sell strength to quarterly and semiannual risky levels of $44.49 and $47.40, respectively.

3M Company (MMM) reports earnings before the opening bell on Tuesday. The stock closed at $191.50 on April 21, up 7.2% year-to-date. 3M set its post-election high of $193.50 on March 20, and is 15.5% above its post-election low of $165.84 on Nov. 9.

The weekly chart for 3M is positive but overbought with the stock above its five-week modified moving average of $188.87 and well above its 200-week simple moving average of $153.67. The 12x3x3 weekly slow stochastic reading ended last week at 86.47, down from 88.36 on April 13, but staying above the overbought threshold of 80.00.

Buy 3M on weakness to my monthly and quarterly value levels of $180.51 and $174.14, respectively. Sell strength to my annual risky level of $199.33.

Procter & Gamble (PG) reports earnings before the opening bell on Wednesday. The stock closed at $88.62 on April 21, up 5.4% year-to-date. The stock set its post-election high of $92.00 on March 17. The stock is 9.2% above its post-election low of $81.18 set on Dec. 1.

The weekly chart for Proctor & Gamble is negative with the stock below its five-week modified moving average of $89.46 and above its 200-week simple moving average of $82.21. The 12x3x3 weekly slow stochastic reading ended last week at 71.00, down from 77.91 on April 13, trending below the overbought threshold of 80.00.

Buy P&G on weakness to my quarterly value level of $84.75. My annual pivot is $89.21. Sell strength to my semiannual risky level of $96.23.

United Technologies (UTX) reports earnings before the opening bell on Wednesday. The stock closed at $114.99 on April 21, up 4.9% year-to-date. United Technologies set its post-election high of $115.27 on April 21, and is 13.8% above its post-election low of $101.09 set on Nov. 9.

The weekly chart for United Tech is positive with the stock above its five-week modified moving average of $112.65 and above its 200-week simple moving average of $107.12. The 12x3x3 weekly slow stochastic reading ended last week at 76.96 up from 74.35 on April 13, approaching the overbought threshold of 80.00.

Buy United Tech on weakness to my monthly and quarterly value levels of $108.84 and $90.42, respectively. Sell strength to my semiannual and annual risky levels of $132.65 and $134.70, respectively.