From the desk of Vance Howard:
Chart: SPX 1-year daily
The S&P 500 is trying hard to break above the 4220 level and should do so in the next week or so. The market is overbought, and a modest pullback is warranted. All pullbacks at this point are buyable as the trend is firmly up. Once we get the break above 4220, the next level of resistance is in the 4325 range.
Chart: DVY 1-year daily
- Overall, 77% are beating estimates, and those that beat are beating by a median of 8%.
- Of the 22% missing, those are missing by a median of -6%.
- On the top line, overall results are beating estimates by a median of 5% and missing by a median of -3%, and 76% of those reporting are beating estimates.
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