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Stocks are Up

SPX Testing 2600 as Bulls Step Up

Posted Wednesday, January 16, 2019 by
Rowan Crosby • 1 min read

Equity markets are pushing higher thanks to a strong lead from Wall Street overnight.

Tech names were the ones that ultimately lead the charge with the NASDAQ up nearly 2% on the session.

We are in the midst of earnings season in the US and we also head that Netflix was looking at raising prices given the competitive landscape, which investors took as a positive.

The news of Chinese stimulus has also helped in what was an encouraging sign as to how they are looking to handle the current trade wars with the US.

We also have US retail sales out today which are likely to be very much in focus after a number of major retailers have been reporting sluggish sales over the holidays.

The ES is currently flat and there doesn’t seem like there is much of an overnight lead from global markets.


Technical Outlook

The SPX is no above the important 2600 resistance level that has been holding it down for a while now.

Support is 2500, but for now 2600 has the potential to also become support.

If price runs there is not much resistance until the next round number above at 2700.

SPX – 240min.
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