U.S. Stocks Open Flat, Earnings In View

Posted Tuesday, July 16, 2019 by
Shain Vernier • 1 min read

Tuesday has brought a muted Wall Street open. U.S. stocks are in a holding pattern through the first 30 minutes of trade, with the DJIA DOW (+1), S&P 500 SPX (-1.5), and NASDAQ (-3) near flat. At this hour (10:25 AM EST), equities traders are taking a non-committal stance following a series of key earnings reports released Monday.

Performance of the commercial banking industry has been a focal point this morning on Wall Street. Earnings from four megabanks were reported on Monday, including JP Morgan, Goldman Sachs, Citigroup, and Wells Fargo. All in all, revenues came in strong. Each bank beat analyst expectations, showing an uptick in activity for Q2 2019.

U.S. Stocks Open Trade Near Flat

The action has been limited for U.S. stocks early in the session. With earnings season in full swing, investors are taking some extra time to evaluate the prevailing market dynamic. At this point, sentiment continues to be positive. The U.S. indices are very near historic tops and the long-term bullish trend is very much intact.

September E-mini S&P 500 (ES), Daily Chart U.S. stocks
September E-mini S&P 500 (ES), Daily Chart

Overview: Yesterday produced another set of all-time highs for the September E-mini S&P 500. Today’s action in U.S. stocks is much tighter across the board, suggesting that we may be in line for a mid-week retracement.

The key number to watch for the September E-mini S&Ps is the high water mark of 3023.50. If we see price fail to rally past this level, a buy from daily Fibonacci support may come into play later this week.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Stock markets are looking very bearish today, with bank shares leading the way down as the fears resurface again
1 month ago
Safe havens such as Gold and the JPY have been taking advantage of the financial troubles with the ban king system and lower FED rate odds
3 months ago
0 0 vote
Article Rating
Notify of
Inline Feedbacks
View all comments