Morning Scoop
The market is still directionless and we’ve been sitting in this range for 2 weeks now. I have to admit, I thought I had been uploading my posts for the last few days, only to realize this morning that they were still sitting as drafts and had not been published. That was my mistake and I hope to learn from it. Anyway, let’s get into the action.
Markets
📰 News
MSFT and GOOGL reporting after the bell today.
📈📉 S&P 500 Futures Update
We’ve been holding onto this level for the past 4 days, with the market just sitting on it like a shelf. We need to see a clear direction soon. Yesterday, we saw the same pattern we’ve been seeing for a while now – starting lower, pushing higher throughout the day, then chopping before a fall. It’s a rinse-and-repeat situation at the moment, and the market seems to be trying its best to get traders to make a mistake.
🔮 Forecast
We are hovering near the lows again, which isn’t great. Ideally, I would like to see a push higher, but right now I’m uncertain as to where the market could go. This support level has been holding for a while, and it feels like it wants to break down. However, as we know, the market can surprise us when we least expect it and move in the opposite direction.
Wrap-up
Nothing much to report today as the market awaits big earnings reports this week. There’s a possibility that we could continue to trade in the same price range as investors hold out for those reports. As always, it’s important to stay nimble in this type of environment.
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