Wait-and-See for Earnings
The S&P 500 has traded within a narrow range this morning, between a loss of 0.7% at its low and a loss of 0.2% at its high. The benchmark index currently trades near its session high with a loss of 0.2%.A wait-and-see dynamic has started to avail itself as investors await earnings season to begin next week. The response to the earnings news/guidance will be a guideline for whether the S&P 500 can run right through resistance at the lower bounds of the 2018 trading range or is forced to go back on the defensive with fundamental earnings concerns acting as the driver.Separately, the CBOE Volatility Index (VIX) continues to fall. The VIX is only down a half point at 19.01 but trades near its session low and its lowest since Dec. 14.