Equity Markets Ticking Modestly Higher - Forex News by FX Leaders
Stock are Grinding

Equity Markets Ticking Modestly Higher

Posted Thursday, January 17, 2019 by
Rowan Crosby • 1 min read

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.

SPX
SPX – 240min.
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About the author

Rowan Crosby // Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
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