As mentioned last night, with rate hike odds sitting below 10%, a hike today was highly unlikely. The primary market driver today was going to be corporate earnings reports posted after the closing bell.
The SPX held the Central Daily Level (CDL) posted last night as firm support. Our 7,712 bull/bear level cleared the way for upside toward 7,746, which sat just three dollars above today’s close. Price action lacked strong conviction as the market had already priced in the Fed’s rate pause and shifted focus to earnings after the bell.
Throughout this earnings season, I provide fundamental research in downloadable one-pagers for all permanently tracked securities to paid subscribers. Those reports include multi-year trends in main financial numbers, bullish / bearish factors, economic MOAT, competitors, price targets and business triggers for bullish or bearish reactions.
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After the bell, GOOG disappointed and is down -10% in extended trading, setting up a steep gap down tomorrow morning. Meanwhile, MSFT is gaining just +3%. Let’s see how initial post-market volatility settles and how Wall Street responds with rating adjustments and price target revisions. Tomorrow, I will publish comprehensive fundamental breakdowns for both names, and we will see if the weakness in the SPX and NDX resumes, so far that is likely. Today, we dive into JPM and V, both of which have already reported.
Subscribe, this context is not as easy as it was from April to August, objective analysis and modeled price levels are key to set targets, manage risk, and outperform the market.
Today’s Agenda
Fundamental Analysis for JPM and V
Daily plan for SPX, ES=F → Another Vanishing Rally?
Daily and Weekly Levels Combined for SPX, ES=F, MSFT, GOOG, AMZN, NVDA, AMD, LLY, V.
Watchlist Tracker
Let’s begin.