The $SPX held above the 1140 level (61.8% fib from April highs to June lows) but struggled to find sustained buying around 1150. In fact, the quarterly settlement for SPX was 1149.54 which suggests a significant (sentimental even) level. This week also signaled the first of the last five that failed to show a positive close for the broader market. Perhaps it’s the fear of the unknown in earnings season which officially begins next Thursday when Alcoa ($AA) reports. I’m not leaning heavy either direction here, but would prefer a pullback to see if buyers continue to step up.
Enjoy the links and your weekend!