Nasdaq Is in 'Wait and See Mode,' Technical Analyst Says Watch QQQ Chart

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It's Monday, October 11. 

Bank earnings are just around the corner and oil prices are trying to extend their rally.

Action Alerts PLUS portfolio managers Bob Lang and Chris Versace break down what they're watching in the markets. 

What's Driving Markets?

Goldman Sachs, in fact, cut its forecast for U.S economic growth over the weekend, citing a "longer-lasting virus drag on virus-sensitive consumer services" and the impact of an extended shortage in global semiconductors.

TheStreet's Martin Baccardax took a look at what Wall Street expects from this earnings season. He noted that collective S&P 500 profits are expected to rise 29.6% from last year to around $413.8 billion, according to forecasts from Refinitiv. The energy sector is expected to lead gains over Q3, with profits rising by nearly 1500% from last year to around $20.5 billion.

And Lang, who is a technical analyst, is in a "wait and see mode" with the Nasdaq. 

Watch the video above for more.

Head to Monday's Daily Rundown to hear what Versace and Lang are only telling members of the Action Alerts PLUS investing club. 

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