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S+P 500 waiting for bigger fish this week?

Yesterday the S+P 500 opened at 5,114.13. The index had closed at 5,099.96 on Friday. It reached a high point yesterday at 5,123.49 and later closed 16.21 points higher at 5,116.17. As you can see that close was not far removed from where it had opened. The price action was positive for the most part, but repeated attempts to take the index to the next potential resistance level, at 5,145.94 ran out of steam. There was a plethora of earnings reports out yesterday and there is more of the same due later today. For the most part those Q1 earnings have continued to beat the street. The two companies of note reporting later this morning are Eli Lily (LLY) and Coca Cola (KO) and they could have an impact, but as with the Dow Jones and the Nasdaq 100, it is surely the Amazon results after the closing bell tonight which might matter most. Also, we should not forget; it is the last day of the month today and then we have that all important Fed policy announcement tomorrow. Perhaps all those upcoming events are keeping the price action contained for the time being. The index is right now priced to reopen later on, at around 5,112
 

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