Volatility due to company earning reports and geopolitical tension in Ukraine and Gaza continued this week. S&P 500 index is essentially flat at 1978, up 0.01%. Dow Jones Industrial Average lost 0.82%, and technology loaded Nasdaq composite index increase 0.39% for the week.
Company earnings have been better than analysts' estimates. More than two thirds of the companies that have reported second quarter earnings have beaten Wall street's estimates. However, companies, like Amazon, McDonald's, which reported disappointing earnings were severely punished by investors. Weekly chart shows that S&P 500 index continued to be in a wait and see mode looking for direction. We think this holding pattern may continue for another few weeks as what had happened earlier this year in March to May time frame.
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| Weekly Chart of S&P 500 Index |
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