EARNINGS SEASON ENTERS HIGH GEAR- S&P 500 LOOKS MIXED/BEARISH
U.S. stock indexes dipped in early trading on Monday, led by losses in shares of Amazon and technology companies, as investors awaited quarterly reports from American companies to check the impact of an escalating trade conflict between the United States and China.
The S&P 500, the broadest of the major US indices, based on the market capitalization of the largest 500 companies listed on the NYSE and NASDAQ, was trading was down by 0.17% at the time of writing. The S&P information technology sector declined that most out of the major sectors, down by 0.55 percent. Apple was down 0.83 percent, while Google-parent Alphabet dipped 0.4 ahead of results due after the market close today. This week is a major week for the S&P 500, as some 174 companies within the index, are scheduled to release their earnings reports. According to Bloomberg data for the past 1 month in the US markets, the financial and IT sectors have gained 1.20% & 0.59% respectively. Consumer staples have gained 2.87% in the last 1 month while Energy and Consumer Discretionary was down by 0.17% and 0.62% respectively.
RSI is currently at 59.39% and is currently trading sideways. While %K has crossed % D from above to downside at 94.01 and suggests that the market may be in overbought zone and may head downwards.