Stocks: S&P 500 Rally Pauses, Focus on Tech Earnings and Economic Data

Conclusion

The S&P 500 is likely to correct some of its recent advance following worse-than-expected economic data. It’s expected to open 1.4% lower, pulling back below the 5,500 level. For now, it appears to be just a correction of the uptrend.

Last week, the market advanced on several positive catalysts, including easing tariff fears, potential peace developments in Ukraine, and anticipated quarterly earnings releases. That said, it remains uncertain whether this is a new uptrend or merely a correction within the downtrend.

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Paul Rejczak
Stock Trading Strategist