Q1 earnings season is virtually over. While the S&P 500 chart is showing a consolidation, Randy Frederick from Charles Schwab wouldn’t be surprised if the S&P 500 pulled back 5% – 10%.
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Key quotes
“From a growth standpoint, Q1 EPS was -7.7% y/o/y; Q1 revenue was +1.0% y/o/y. This compares to +0.6% and +3.4% respectively in Q4.”
“As the mostly sideways consolidation continues, 2,237 remains the primary downside technical support, with potential interim support at the 50-day SMA (now at 2,731). To the upside, you can see that it has also run into resistance at the 100-day SMA (now 2,969).”
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