US equities had a slight downward bias overnight as market participants await this week’s earnings reports, states Ian Murphy of MurphyTrading.com.
According to Earnings Whispers, just four firms will report before the open this morning and another ten after the close. This week will see a total of 226 firms reporting, and things kick up a gear next week when 1788 firms spill the beans. By Friday the 29th, the season’s results will be priced in, and attention will shift to the annual event known as the Santa Rally.
An hour out from the open, the four main indices were down an average of 0.38%. Considering the resounding bounce in equity prices last week, a slight pullback at this stage is to be expected.
Throughout the week the breakout level to watch for support to hold continues to be 4465.
Learn more about Ian Murphy at MurphyTrading.com.