Watch the 1,050 level on the S&P 500

Editor's Note:

The stock market is struggling to make new highs even as the vast majority of earnings reports come in better than expected. If positive earnings news isn't going to lift stocks, then what will lift stocks?

The market looks a little top-heavy here. It's not a great spot to open new long-term positions. I'm suggesting investors be patient and wait. We'll get another correction eventually. Right now I'm watching the 1,050 level on the S&P 500. That's where the index should find support at its long-term trendline of higher lows and its 50-dma.

No new plays tonight.