After the explosive action last Tue when the rate cut was announced, the market was boring and pretty much drifted sideways on Thurs and Fri
The above S&P 500 chart shows we are in uptrend with higher highs and higher lows since Sep. Technically, we are now at the top end of the channel with resistance at 1530 and the chart points to potential pullback or sideways movement. But be it to the upside or downside, the index needs to break the Thurs-Fri range to see some real movement. Meanwhile, homebuilders LEN and KBH are announcing earnings this week. Let's see what they say.
Tue: Consumer Confidence, Existing Home Sales Notable earnings: LEN Wed: Durable Orders Notable earnings: BBBY, PAYX Thurs: GDP, New Home Sales Notable earnings: KBH Fri: Personal Income and Personal Spending, Core PCE Index, Chicago PMI, Michigan Sentiment