Citigroup kicks off Q4 earnings season on a strong note
The US Q4 earnings season started in high spirits as Citigroup posted strong results in its consumer and commercial banking divisions. Shares gained 4% on the news.
Summary: A technical look at the S&P 500 index charts as well as the Futures market heading into today's New York bell.
Short-term and intraday
We see an interesting symmetrical triangle pattern on the Future/CFD US500.I intraday (one-hour) chart, so watch this for a potential breakout.
If it breaks to the upside, it could place 2,793 in view, while a downside break could clear a path to a new test of 2,700.
Daily chart: Bearish RSI divergence has been unwound by a close below 40; now we could potentially wait for bullish divergence. However, often we see a rebound and turn in the stock market without bullish divergence since the market is per its nature biased long. Bearish divergences will always result in a correction/downturn, which we also witnessed last week.