Equity Markets Ticking Modestly Higher
Equity markets are grinding higher, however, it looks like the momentum has slowed to a trickle.
Equity markets are grinding higher, however, it looks like the momentum has slowed to a trickle.
US markets yesterday, finished higher, and the major indices across the board were all up.
Earnings season is kicking along nicely and the gains were led by the big banks reporting better than expected results.
Meanwhile, in Asian trade, most of the markets are relatively flat. That is despite the news this week of more Chinese stimulus which has so far seen a bit of a positive lead.
So far today the ES is down -5.5 points or -0.21%.
Technical Outlook
The SPX is still holding above the 2600 resistance level for now, but in reality, the move is slow and on low volume. That means that we are not holding strong by any means just yet.
Support is 2500, but for now, 2600 has the potential to also become support, and that would be a bullish sign.
R2 looks to be the 2700 level.
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