Technical Resistance
May 13, 2020
The drivers behind yesterday afternoon’s fade include: 1) Los Angeles lock-down extension news; 2) California State University System announcing plans to hold all fall classes online; 3) concerns around increased US-China tensions after a group of senators introduced sanctions legislation and; 4) worries about bank capital return after comments from Fed members Quarles and Harker. But the real driver is probably a short-term catalyst vacuum in the wake of Q1 earnings season.
Next: The next 48 hours includes some potential catalysts to fill the void including CSCO earnings today after the close and China April activity data tomorrow night.
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