Market Outlook: October 17th - October 21st

- WALL STREET:
US indices rallied last week, gaining more than 4.5%. On the economic front, retail sales were up 1.1% YoY in September (+0.7% exp.) while the University of Michigan confidence index dropped to 57.5 in October from 59.4 the previous month. Looking at company earnings, JPMorgan Chase said 3Q net income was $4.3B vs $4.4B year ago, while Google posted 3Q revenue ex-traffic acquisition costs $7.51B vs $7.23B expected. All sectors finished in the green with automobiles, technology hardware and equipment and energy surged, being the top gainers. From a technical view, the S&P500 index has reversed up, and is now approaching its resistance at 1230. Therefore, a ST consolidation cannot be ruled out before further upsides to 1255.

- EUROPE:
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