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- S&P 500: A period of sideways consolidation – Charles Schwab
S&P 500: A period of sideways consolidation – Charles Schwab
FXStreet reports that Randy Frederick from Charles Schwab notes that Q1 earnings season is nearly over while the market remains more resilient than the extremely high valuations and horrific economic data would logically portend.
“From a growth standpoint, Q1 EPS is -7.3% y/o/y; Q1 revenue is +0.9% y/o/y. This compares to +0.6% and +3.4% respectively in Q4.”
“While it wouldn’t surprise me if the SPX pulled back 5% - 10%, it seems unlikely that it will break the 3/23 low again.”
“Technically, the SPX remains in a bull market (still up more than 27% from the 3/23 low) so 2,237 remains the primary downside technical support, with potential interim support at the 50-day SMA (now at 2,712) and the 2018 low of 2,351.”
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