Earnings Led Stock Market Breakout This Week?
The stock market (NYSE:SPY) is approaching a key level at 280. A close above it would be a breakout signaling the market can move higher. So far the stock market has overlooked trade concerns and Fed rate hikes and we're about to enter earnings season.
Now that we're moving into earnings season the fundamentals should matter more than the macro. Earnings matter for stocks. Starting this week earnings reports and guidance are the stock market's next cue.
Bullish For Tech Stocks For Q2
We're bullish about tech stocks for Q2 and, maybe more importantly Q3 guidance. If correct that may have been the reason for the stock market's strength despite negative "macro" news.
So far our work says that Q3 business has not been affected yet by trade concerns. If that shows through in strong guidance we should continue to higher highs for the stock market.
Disclaimer: Stocks reported by Elazar Advisors, LLC are guided by our daily, weekly and monthly methodologies. We have a daily overlay which changes more frequently which is reported to our premium ...
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