The S&P 500 falls to two-day lows as financial companies publish their quarterly reports

• The S&P 500 loses 0.79% at the market close.
• Bank of America (BAC), Goldman Sachs (GS) and Citigroup (C) beat expectations in their earnings reports.
• Johnson & Johnson (JNJ) beats estimates and hits four-week highs.

The S&P 500 hit a session high of 5,867, where it attracted aggressive sellers that drove the index to two-day lows of 5,769. Currently, the S&P 500 is trading at 5,815, losing 0.79% on the day.

S&P 500 hits two-day lows as major financial companies release earnings report

Bank of America (BAC) released its quarterly report early in the session, reporting revenue of $25.35 billion and earnings per share of $0.81, coming in above market estimates. In the same vein, Goldman Sachs (GS) had revenues of $12.7 billion, exceeding the $11.81 billion projected by consensus.

For its part, Citigroup posted revenue of $20.3 billion and earnings per share of $1.51. Despite exceeding expectations, its stock recorded a drop of 5.11%, ending the session at $62.64.

Leading consumer products company Johnson & Johnson (JNJ) reported $22.5 billion in revenue and earnings per share of $2.42. After announcing its results, the share price rose 1.55%, reaching highs not seen since September 18.

Levels to consider in the S&P 500

The S&P 500 established short-term resistance at 5,870, given by the all-time high reached on October 14. The closest support is at 5,764, the October 10 low that converges with the 50% Fibonacci retracement. We see the next support zone at 5,672, the minimum of October 2 and the origin of the last bullish movement.

S&P 500 3-hour chart