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S&P 500 Talking Points:

S&P 500 Extends Winning Streak to 8 Days Despite Downgrades

The S&P 500 closed Monday’s session just 0.1% higher than it opened after recouping losses from earlier in the session. The rebound helped to extend the index’s current win streak to 8 straight sessions, the most since October 2017. Surprisingly, bulls were able to will the index higher even after a slew of analyst price target downgrades weighed on key sectors from semiconductors to airlines and manufacturing.

S&P 500 Price Chart: Daily Time Frame (October 2017 – April 2019) (Chart 1)

S&P 500 price chart 8-day winning streak

Boeing, Harley, General Electric, Micron, Starbucks and Southwest were among the firms to have their targets adjusted and the revisions come ahead of earnings season on Friday. Although bulls currently retain control, the downgrades may be a sign of things to come for upcoming reports and a string of bad news could prove troublesome for the current rally.

Fresh quarterly forecasts are out! View Q2 forecasts for the S&P 500, US Dollar, British Pound and more.

While company’s like Boeing may have specific headwinds to face, the consensus of last season appears downwardly facing. According to FactSet, firms offered the most negative change in quarterly EPS since the first quarter of 2016 when the index slid over 200 points.

View our Economic Calendar for live updates on data releases like non-farm payrolls and the US unemployment rate.

While other concerns were on the horizon at the time, the current landscape is not free from its own threats – not by a longshot. Therefore, the upcoming season – and particularly the consensus performance – will be critical for a continuation of the current price trend.

--Written by Peter Hanks, Junior Analyst for DailyFX.com

Contact and follow Peter on Twitter @PeterHanksFX

Read more: S&P 500: Traders Remain Net-Short

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