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

E-Mini S&P 500 Jun '19 Daily Chart

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Alex Turro

Senior Market Strategist

Alex began his career with an IB at the Chicago Board of Trade after graduating with a BA/BS from Indiana University. He then went on to work for a proprietary trading software company before joining RJO Futures as a Market Strategist.

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