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Christopher Lewis
S&P 500 daily chart, April 12, 2019

The S&P 500 has done very little during the trading session on Thursday as we await earnings season which starts on Friday with the bank. It kicks off an earnest on Monday, so it is possible that the market is simply waiting to see what the earnings are going to be, which of course would make quite a bit of sense. Ultimately, this is a market that I believe will find a reason to make a significant move rather soon, but clearly the 2900 level is something that everyone is paying attention to. Until we can break above there, there’s probably going to be more danger to the downside than anything else.

S&P 500 Video 12.04.19

To the downside I see the “floor as the 2790 handle. If we were to break down below there it could change the entire attitude of the market but right now I think we are a long way away from finding anything close to that. In the short term I would suspect that pullbacks are probably going to be buying opportunities. I think at this point it’s probably best to leave the market alone until Monday, because at that point we can really start to get into the meat of earnings, which of course ultimately is the biggest driver of markets. Expect a lot of noise next week, but between now and then it’s probably going to be rather choppy and slow trading.

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