Following the Columbus Day holiday, liquidity providers are back in force for the U.S. markets. The result has been a positive open on Wall Street, with the DJIA DOW (+142), S&P 500 SPX (+15), and NASDAQ (+45) up through 30 minutes of trade. Once again, it is corporate earnings season, this time for Q3 2019. Today’s big releases are from the banking industry, including Wells Fargo, Citigroup, and Goldman Sachs. Thus far, the big news has been from Goldman, who reported a -26% year-over-year profits for Q3.

During the U.S. premarket hours, the Redbook Index (October 11) was released to the public. These figures showed a monthly increase, but a substantial yearly decline. All in all, it was negative news for the U.S. retail sector. However, the Redbook’s impact has been largely neutralized by the onset of Q3 earnings season.

Earnings Season Dominates Early Trade

This week’s action on Wall Street is going to be closely linked to corporate earnings, U.S./China trade news, and Trump impeachment proceedings. These are the three primary market drivers currently impacting American equities. 

Here are the levels to watch for the December E-mini S&Ps:

• Resistance(1): All-Time Highs, 3032.25
• Support(1): Weekly SMA, 2939.75

Overview: A look at the December E-mini S&P 500’s weekly chart gives us a clear picture of the increased volatility thus far for October. Weekly ranges are substantial in comparison to those from September, suggesting the active news cycle is having a great impact on pricing volatility.

Ultimately, the S&P 500 remains in bullish territory. Barring any negative blockbuster headlines, it appears as though the S&P 500 is gearing up for a run at the all-time highs by mid-November.