SPX Fibonacci Level Worth Watching

Dow futures are eyeing a triple-digit drop

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Schaeffer's Opening View
4/20/2021
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Stock Futures Pointed Lower Despite Upbeat Earnings Season


By: Fernanda Horner

Stock futures are pointed lower this morning, set to extend yesterday's losses after the major benchmarks succumbed to a bout of profit-taking. Dow Jones Industrial Average (DJI) futures are staring at a 139-point drop. Similarly, futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are eyeing a modest move into the red as well, with Big Tech poised to struggle once more. On the flipside, the first-quarter earnings season has been an upbeat one so far, with financials beating estimates by 38%, while S&P 500 results are up 12%, according to Credit Suisse.

Continue reading for more on today's market, including:

  • Schaeffer's Senior V.P. of Research Todd Salamone warns of long-term technical patterns.
  • Netflix stock has been flat ahead of today's quarterly report.
  • Plus, Lockheed Martin stock dips on revenue miss; tobacco stock plummets on nicotine reduction rumors; and Procter & Gamble posts top-line beat.
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