Morning Scoop
The end of the week is here, and it feels like we haven’t made much progress. The markets have been back and forth, and nothing too significant has happened yet. We’ll have to see if today is any different.
Markets
📰 News
This morning, JPMorgan Chase beat earnings estimates. This is a reminder that it’s important not to panic just because of what you see in the news. One bank failure can cause people to go on bank runs, but JPMorgan Chase’s success shows that it’s important to remain calm and not let news reports dictate your actions.
📈📉 S&P 500 Futures Update
We’re still stuck in the range we’ve been discussing all week. Price keeps bouncing off the support level but struggling to break above resistance. Today could be another day of the same story, or we may finally see a breakout.
🔮 Forecast
I mean, look at the last two days. The market has had a huge range, but we have been stuck inside of that range. Something has got to give. Today, we are near the top of that range, so let’s see if it gets taken out or if we keep playing this back-and-forth game. Give me a push higher or a breakdown, but this chop is miserable.
Wrap-up
There doesn’t seem to be anything exciting to explore with the markets stuck in a tight range. I prefer not to get trapped into a position on a Friday, especially in this type of environment. If we were in a clear uptrend, I would have no issue holding overnight, but in this situation, it’s difficult to have that kind of conviction. That’s all for this week, folks. Enjoy the weekend, and let’s get back at it on Monday.
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