Tuesday kicks off the start of the “official” start of the 3Q earnings. Here is a peak at some of the major companies reporting numbers. Sign up today to get in on the action!

 

Before the open: Aphria (APHA), BlackRock (BLK), Charles Schwab (SCHW), Citigroup (C), Goldman Sachs (GS), Johnson & Johnson (JNJ), JPMorgan Chase (JPM), Omnicom Group (OMC), Prologis (PLD), UnitedHealth Group (UNH), Well Fargo (WFC)

After the close: Enzo Biochem (ENZ), Hancock Witney (HWC), Interactive Brokers (IBKR), JB Hunt Transportation Services (JBHT), Pinnacle Financial Partners (PNFP), Sleep Number (SNBR), United Airlines (AAL)

Get ready for 3Q earnings season! 

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3 Month – $261

The S&P 500 Volatility Index ($VIX) fell 11% after sinking to an intraday low of 15.11. Fresh and upper support at 15.50-15 was breached but held on the close back below the 50/200-day moving averages. Continued closes below the 15 level would be an ongoing bullish signal with additional weakness towards the 14-13.50 area and September lows.

Lowered resistance is at 16-16.50 followed by 17.50 and the 50-day moving average. Any move above the aforementioned levels over the near-term would be a cautious signal.

RSI is in a downtrend and is on track to test September support at 40. A move below this level could lead to a retest towards the 35-30 area and the July low sandwiched in between. Resistance is at 50 and prior support from earlier this month.

Bulls Recover Near-Term Resistance Levels on Mild Rebound

8:00am (EST)

The market showed strength throughout Wednesday on reports China is open to a partial trade deal despite the recent blacklisting of Chinese companies. However, some of the stipulations were no more tariffs being imposed by the Trump administration, including duties scheduled this month and in December.

While nothing is certain, the positive chatter comes ahead of the upcoming 13th round of negotiations between top U.S. and Chinese officials. The major indexes made a run at near-term resistance levels but remain in a sideways trading range and trapped between their 50/200-day moving averages. 

The Nasdaq rose 1% after tapping a midday high of 7,930. Current and lower resistance at 7,900-7,950 was cleared and held with a close above the latter getting 8,000 and the 50-day moving average back in play.

Before the open: Alibaba (BABA), Briggs & Stratton (BGG), Canadian Solar (CSIQ), Eagle Point Credit (ECC), iHeartMedia (IHRT), JC Penney (JCP), Pointer Telocation (PNTR), Tapestry (TPR), Walmart (WMT)

After the close: Applied Materials (AMAT), Globant (GLOB), Nvidia (NVDA), PagSeguro Digital (PAGS), Sundance Energy Australia (SNDE), Voxeljet (VJET), ZTO Express (ZTO)

The S&P 500 Volatility Index ($VIX) was up for the 5th time in 6 sessions after popping to an intraday high of 24.81. Early May and lower resistance at 22-22.50 was breached and failed to hold. A close above the 25 level and the would be an ongoing bearish signal with risk towards 26-27.50 and December 2018 resistance.

Rising support at 23.50-23 following the close above the 22.50 level. A recovery of 20-19.50 would signal some relief from the recent selling pressure.

The S&P 400 Mid Cap Index ($MID) has been in a 6-session trading range with Monday’s high reaching 1,908. Near-term and lower resistance at 1,900-1,925 was cleared and held with a close above the latter and the 50-day moving average being a more bullish signal for higher highs.

Near-term support is at 1,875-1,850 and the 200-day moving average. A close below the 1,850 level would be a bearish development with risk towards 1,825-1,800 and late May lows.

RSI has been flatlining with resistance at 55. A move above this level would signal additional strength with upside potential towards 60-65 and the latter representing the April high. Support is at 50-45 with a move below the latter signaling additional weakness.