The market got hit out of the gate but selling stalled. There is still a ton of news to come this week, including hundreds of earnings releases.
Last week, it was about major indices getting through initial resistance points, which is what happened. Now, it’s about holding those levels while waiting for upside catalysts.
If these key support points don’t hold, we could see a return of panic that has been missing since the year began. This is going to be a tenuous week for sure.
That said, I will also admit I’m surprised how many names made intraday reversals this morning, and how the broad market indices are making a stand. It’s early in the session, and a little more pressure could trigger sell programs.
There is so much information this week with more earnings, U.S. – China trade talks, the Federal Reserve and it all culminates with the jobs report on Friday.
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