I pulled one of my daily reports from early November 2016 in which I discussed the Dow testing support at the 18,000 level and today I’m discussing the Dow at the 34,500–34,700 level. 

The big market stories this morning are Apple and Amazon; each reporting disappointing results after yesterday’s close and each getting punished to some degree this morning. 

The stock market performance has been pretty good in identifying which companies and sectors would be most likely to report better-than-anticipated earnings. 

As we move into the thick of the 3rd quarter earnings season, I think that a case can be made that the relative strength patterns that we saw in stocks in the 3rd quarter are correlating to some degree with the earnings results & comparisons.

From my technical vantage point, I’m always on the lookout to observe whether a pullback — large or small — has had a positive of negative on the longer-term outlook for the stock market. 

The 10-year Treasury recovering sharply from its August lows and now trading near its April peaks. 

It has been a solid week as we move through the thick of the earnings season and so far the earnings are delivering for the most part. 

The Dow surpassing its previous intraday and record-high levels, closing about 150 points higher in the session; but we’re not seeing much fanfare with the Dow lower this morning. 

The stock market continuing to resist decline; yesterday the Dow moving higher and within about 200 points of its all-time record high. 

Today marks the 34-year anniversary of the 1987 stock market crash. Certainly the technical elements today are far different than what we saw in the days and weeks leading to that crash.