EB Daily Market Report - Friday, October 18, 2024

Dear Members.

Another week coming to an end with no clear signs of the bulls letting up and on the heels of Netflix's better than expected earnings. 

Though the Dow is lower today it's right near its all time high along with the S&P and the NASDAQ continues its march higher.

Interestingly, today is monthly options expiration week with calls easily outweighing puts and historically, next week is the worst market period of the year. But none of this seems to matter to the bulls who continue to aim for a new high on the S&P. 

Earnings will begin to come out in droves over the next few weeks. And, hard to believe but the election is right around the corner. Perhaps this will lead to greater volatility with the bears hoping for some selling but even then traders have been more than willing to buy on any dips.

For now resistance on the S&P is 5878, yesterday's high. To the downside the 20 day moving average is 5765 which should serve as support.

Tom will be back with his Weekly Market Report on Monday.

Wishing you a restful weekend,

John Hopkins