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Wall Street’s rally pauses as earnings season begins.
Stocks drifted lower on Tuesday, a lull after a stretch of gains, as investors began to consider the latest round of earnings reports, and a major vaccine trial was paused.
The S&P 500 fell less than half a percent in early trading, after a rally that had lifted the benchmark by 5 percent this month. Shares in Europe were also slightly lower.
Among companies reporting third-quarter results on Tuesday, JPMorgan Chase rose after reporting a surge in trading revenue. Delta Air Lines said it lost more than $5 billion during the quarter — and its shares were more than 2 percent lower.
Oil prices rose again, with West Texas Intermediate crude, the U.S. benchmark, climbing back above $40 a barrel.
Johnson & Johnson said late on Monday that it had paused the late-stage clinical trial of its coronavirus vaccine because of an “unexplained illness” in one of the volunteers. The company did not say whether the sick participant had received the experimental vaccine or a placebo. Its shares fell about 2 percent.
Shares of the Walt Disney Company climbed after Bob Chapek, the new chief executive, reorganized the entertainment company to put more focus on its streaming service
The supermarkets Tesco and Morrisons were among the best-performing stocks in the FTSE 100 in Britain after the government announced more restrictions in parts of the country to combat the spread of the coronavirus. Data published on Tuesday by consultancy Kantar showed that grocery sales accelerated in September as a second wave set in.
— Eshe Nelson
Fractal Patterns 07/23/20
Fractal Patterns: Gary Dean
Below are a number of fractal pattern charts that have popped up. They don’t have to follow them exactly, but may mimic them. So instead of a crash, we may get a “sharp drop” that could account for many s&p points from these levels. I have said that from where we are right now, the risk/reward is skewed here for the bulls. Woody mentioned the May lows being important, which happens to be the 2720 level I have had for a downside target. Maybe we get there? Look at the charts below and you will see what I am talking about. We have the SAME patterns forming now and we will find out soon enough if they follow a similar path.
07/23/20: The bearish wedge on the 60 minute chart is still in play and the bearish divergences continue to expand. But until the bears can get price below 3235, the bulls will hang around. Once they do succeed, we should see a quick reaction trade down to the 3155 support. The wedge pattern is looking at 3000 as a downside target.
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