This morning, market participants need to weigh several factors: what had already happened – earnings from Google and data on China's GDP; what remains to come – earnings reports from JP Morgan Chase and Wells Fargo. We think, the latter developments are the most important, and this means that the fate of today's trading session will be resolved before the opening of stock markets in the United States. It is unlikely that this will take place at the opening of European stock exchanges.
In general, today's trading session may end up being just as important as trading on Monday, April 9. We recall that earlier this week, futures on the S&P 500 Index failed to gain a foothold above resistance levels, which was the main reason for the subsequent sell-off. Today the market will see a second attempt to consolidate at these levels.
