A Huge Week of Earnings Is on Tap

S&P still remains rangebound for the most part.

I don’t want to press too hard here, as the S&P 500 remains rangebound and the setups are lacking a bit with so many earnings on tap. That should create fresh opportunities in the days and weeks ahead.

We hit tech hard early this month, then nailed the healthcare trade. Now we wait patiently IMO, for the best setups to come forth. It’s a huge week of earnings, with more than 40% of the S&P 500 reporting.

Have a look

Technical Edge — 

• NYSE Breadth: 41% Upside Volume 

• Advance/Decline: 46% Advance 

• VIX: ~$17.50

S&P 500 — ES 

The two-day low between 4135 and 4137 will be key on Monday. Below this level could put the 21-day in play. Above 4161 gives us a daily-up and is what’s required for the ES to push into the 4175 to 4180 area. 

• Upside Levels: 4161, 4175-80, 4200, 4217-25

• Downside levels: 4135-4137 (two-day low), 4125, 4115, 4095-4100

SPY