By Barbara Kollmeyer, MarketWatch
Here’s another chart of the day that speaks of a resilient S&P 500, this time from Adam Kobeissi of The Kobeissi Letter . He sees a “near-term uptrend that currently stands at around 3,000 and should keep driving the markets higher.
Since the S&P has broken above 2,800, the Bollinger Band, which is a technical tool used to measure overbought or oversold conditions, has been signalling the former, and the Relative Strength Index (RSI) has risen above 70 multiple times.
“This is supposed to signal severe overbought conditions and ultimately a pullback,” Kobeissi said in an email. “However, markets are ignoring this and pullbacks are minimal and used as buying opportunities.”
Healthcare group UnitedHealth /zigman2/quotes/210453738/composite UNH +3.01% and multinational Honeywell /zigman2/quotes/205583690/composite HON +2.52% have each reported upbeat results. Morgan Stanley /zigman2/quotes/209104354/composite MS +7.26% shares are now lower even after profit and revenue beats. It’s all eyes on Microsoft /zigman2/quotes/207732364/composite MSFT +0.13% results after the bell (see preview).
Outside of Netflix, reporting late Thursday was tech giant IBM /zigman2/quotes/203856914/composite IBM +3.10% disappointed with results and shares are down. EBay /zigman2/quotes/204653455/composite EBAY +1.82% /zigman2/quotes/204653455/composite EBAY +1.82% shares are up after a forecast beat.
Weekly jobless claims inched up, while the Philly Fed index rebounded to the highest level in July. Leading indicators are still to come. We’ll also hear from Atlanta Fed Raphael Bostic and New York Fed President John Williams.
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