I miss the days when Presidents were presidential, athletes were known for their playmaking abilities and Twitter was just something for Paris Hilton and the Kardashians to promote whatever it is they promote. Ah, the good old days. But I digress...
Given that another earnings season is just around the corner and the fact the market hasn’t fallen in light of all the other dysfunction around the globe it’s sensible to continue to play this thing by the numbers right now. The numbers say we’re in a sideways-to-positive slow climb until something changes the tone of this market.
Support on the S&P 500 remains near the 2500 level, with first-level resistance at 2515. Given the low-volatility nature of this market over the past several months, there appears to be little on the economic horizon that would move this market radically one way or the other. As long as Washington DC is still grinding on health care and tax reform, the markets seem content to wait on the outcome.
Finally, midway through 2017 global growth is looking better than it was a few months ago. With stronger global growth comes tighter monetary policy. Last week, the Fed formally took the next step of starting to reduce the size of its balance sheet. The Fed also reaffirmed that it expects to hike rates again this year.
Earnings season seems like the next catalyst for this market. Stay tuned.