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Earnings Resume as S&P Snugs Up to Resistance
Let's look at the Russell and Dow today, too.
Danny Riley
July 18, 2023
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Our View
It didn't take me long to see that I was wrong in the Lean — (how many Furus will say that?)
The first part was the ES was down for most of the Globex session, but the real deal was the lack of volume, which was the lowest I remember seeing since the Christmas holidays, although mid-May had two sessions in there that were about in-line with Monday’s volume.
For the whole day, only 1.009 million futures traded. That’s summer trading with a light calendar for you. This made it easy for the buyers to push the markets higher.
I am not going to make this long — thin to win may prevail this week, but earnings will drive the narrative. Will we get another sell-the-news reaction to banks, which traded pretty well on Monday?