Market Needs Fantastic Earnings To Move Higher - MSFT Good But Not Good Enough

One Option Trading Blog https://ift.tt/2JHsfS6 Posted 9:30 AM ET - Friday the market gapped higher on solid results from Microsoft. Stocks immediately drifted lower and S&P 500 reversed, closing on its low of the day. The market will not move higher until the bid is tested this morning - I will be looking to short. Once support is established we should bounce. On a longer-term basis, the market is neutral. We are flirting with the all-time high and fantastic results will be needed for the market to push through resistance. At a forward P/E of 17 stocks are trading at the upper end of their valuation …