Stocks back off from recent record highs, as tech notches another big milestone this week.
The S&P 500 initially fell during the week but found enough support of the 2450 level to turn around and bounce higher. The fact that we have done this suggests to me that we are going to continue to go higher, perhaps reaching towards the 2500 level above. I have no interest in shorting this … Continue reading S&P 500 forecast for the week of July 24, 2017, Technical Analysis
The Standard & Poor’s 500 index rose 0.5% to 2472.54 last week, while the Nasdaq Composite gained 1.2% to 6387.75. “Earnings season gives us something tangible to evaluate,” says Edward Perkin, chief equity investment officer at Eaton Vance Management. Some 97 S&P-500 companies have reported second-quarter earnings so far, and 74% have topped analyst expectations, according to Thomson Reuters I/B/E/S, above the four-quarter average of 71%.