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(M2) Clears Resistance


(M2) Remains Above Recent Lows


(M2) Corrective Cycle Still In Play


(N2) Bullish Extension

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  • Wall Street trades lower just after the London close, putting stocks on the backfoot for a second session. This saw the S&P 500 show below the Tuesday lows, but the decline stopped short of a test on key support of the 4574.9 100-dma.
  • Earnings were a key market driver, with the financials sector suffering under the weight of a sharp decline in JPMorgan and Citigroup share prices. Both bank's reports fell short of expectations, putting JPMorgan at a new 2022 low.
  • Wells Fargo's earnings painted a different picture, with revenue well ahead of expectations to put their share price higher by as much as 3%.
  • Just under 8% of the S&P500 report earnings next week, with highlights including Goldman Sachs, Bank of America, Morgan Stanley and Netflix.Full schedule including timings, EPS and revenue expectations here:

MNI London Bureau | +44 203-865-3809 |

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