S&P 500 profit taking during earnings risk-off sentiment

FX:SPX500   S&P 500 Index
350 1 9
The S&P 500             could decline in the next days after the German DAX             failed to hold its key 10000 point level (after the important German investor sentiment index ZEW fell sharply this week). And if US investors don't care about the chaos in Europe, there is still the possibility of increasing risk-off sentiment during the black-out period of buybacks during the current release of company earnings data.

Scenario A "fast brief dip":
  • Short entry: 2170
  • Short target:2125

Scenario B: "bearish deep decline"
  • Short entry: 2159
  • Short target:2087
Comment: UPDATE: 12 days later after publishing the chart.

It is truly stunning how strongly the S&P 500 has been stemming itself against the downtrend of the largest company stocks (by market cap) in the US (and the world). Using the new Tradingview screener function here is an overview when the largest company stocks peaked in July 2016, while the S&P 500 index kept on going sideways in July without a similar sized pullback:

Exxon (US), peaked July 15:

Berkshire (US), peaked July 19

Amazon (US), peaked July 12

Johnson & Johnson (US), peaked July 20

GE (US), peaked July 20

AT&T (US), peaked July 5

Wells Fargo (US), peaked July 14

JP Morgan (US), peaked July 14

Wall Mart (US), peaked July 11

Verizon (US), peaked July 5

Procter & Gamble (US), peaked July 14

Pfizer (US), peaked July 15

Shell (non-US), peaked July 14

Novartis (non-US), peaked July 22

Alibaba (non-US), peaked July 21

Budweiser (non-US), peaked July 1

Chevron (US), peaked July 14

Petro China (non-US), peaked July 14

Coca-Cola (US), peaked July 14

Visa (US), peaked July 25

Oracle (US), peaked July 15

Intel (US), peaked July 20

Merck (US), peaked July 13

Disney (US), peaked July 13

Cisco (US), peaked July 26

Taiwan Semiconductor (non-US), peaked July 27

Unilever (non-US), peaked July 1

UnitedHealth Group (US), peaked July 20

Altria (US), peaked July 05

Citigroup (US), peaked July 15

Brystal Meyers (US), peaked July 15

Schlumberger (US), peaked July 22

Gilead (US), peaked July 25

3M (US), peaked July 20

McDonalds (US), peaked July 22

Kraft Heinz (US), peaked July 8

CVS (US), peaked July 14
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