Global equity markets were mixed in the overnight paring between gains and losses with the TOPIX exchange up 1.4% and the Shanghai stock exchange down slightly .33%. This comes as U.S. stocks look for direction amid the upcoming earnings season with Goldman Sachs reporting a profit loss of 21% in the first quarter from year ago levels and Citibank reporting a first quarter profit of 2% from a year ago amidst a decline in revenue. In addition to earnings, which are widely expected to decline in the first quarter, the market will be taking direction from a slew of economic data this week including Chinese Q1 GDP data, preliminary April PMI for much of the Eurozone as well March U.S. retails sales data. The S&P 500 is immediate term overbought but remains net spec and fund short (COT) with near term support seen around 2900.
E-Mini S&P 500 Jun ’19 Daily Chart
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