[Platinum Insights] (1.17.23) Update of the Market

US stock futures tracking the broader market were down roughly 0.5% on Tuesday, putting Wall Street on track to start a holiday-shortened week lower as investors await a slew of earnings reports for clues on how corporate America performed against macro headwinds.  

Goldman Sachs posted fourth-quarter results that missed analysts’ estimates for profit amid steep declines in investment banking and asset management revenue.  WTI crude futures traded near $80 per barrel for 3rd consecutive session, as investors were weighing improving demand outlook in top crude importer China against the possibility of a global recession this year.   

Today is a light day for economic reports. Tomorrow brings us the PPI. We are also getting into the heart of earnings season with a slew of earnings reports due out this week.  

The S&P 500 – SPX closed above the 200-day SMA on Friday. The next level of resistance is a long-term bearish trend line which began in January of 2022. 

History would suggest a bounce off this level followed by lower price action in this index. Will this time be different?  Have a great day!  This information is for educational purposes only and is not a recommendation to buy or sell a security.