First Look: 2023-01-25
S&P 500 futures were soft overnight as the Microsoft earnings conference call took its toll such as to test 3999.00, a key support level for the near-term bullish case. Next Boeing comes in with a miss on earnings that breaks the support driving the market lower into the day session. I put 3967.25 as the first candidate for a morning low in a low degree wave three though it could extend to 3953.00. Once a wave [III] low is established, we are looking at a few hours of choppy bounce to 3982.25 or 3994.75 while waiting for Tesla and IBM earnings after the bell.