Two-Way Trading Is On Tap

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Our View

I sold the open, got out too early but then went long the NQ. I had a good day and I started talking ES 5080 early in the day — the high ended up being 5076.25. 

That was the good part…the bad part was the late-day drop. 

With ~30% of the S&P reporting earnings this week the big question is, will stocks try to regain their footing after the Magnificent Seven stocks shed nearly a trillion dollars in market value since the Nasdaq 100 hit its peak? 

With things quieting down in the Middle East, the yield on the 10-year note edged higher to 4.622%, brent crude oil slipped 0.3% to $87 a barrel, Bitcoin climbed to $66,602 and gold futures slid 2.8% after reaching an all-time high on Friday. 

It was a good day for the S&P, but today's earnings are going to put that to a test.