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After a lot of hand wringing on Friday, the SPY has rocketed off the 50 SMA over the last two sessions, hitting it’s ATR on the upside in each day so far this week. The next level of overhead resistance for both the SPY and the QQQ is the previous all-time highs. We’re in the heart of earnings season, which has been mostly positive so far. Early action points to a green open, and it wouldn’t be unusual for the markets to need a rest candle after the strong push of the last two sessions.
Earnings to watch for:
Wednesday – QCOM, PYPL, EBAY, ABBV
Thursday – YUM, SNAP, PTON, TMUS, CLX