How does the earning will impact the price movement of the SP500?
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Hi @johnwei and welcome to Babypips! 
I am not sure what you mean here. Is your question related to Oanda as in your quote or do you mean the earnings of the companies that are included in the S&P500 index?
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Yes, What i mean is the earning result from the company in SP500 will impact the price movement. Good Earning higher stock price, now it seems like poor earning also higher stock price.
That is a very good question @johnwei.
The S&P500 is an index which is mathematically derived from the capitalisation of the individual companies included in the index. And, ultimately, the stock value should be related to the company worth/earning potential.
That is the theory. But the reality is, I think, much simpler!
Whether we look at the long term stockholder or the intraday trader, everyone is basically doing the same - they are looking for a profit from their position.
We do not buy/sell currencies, shares, commodities, etc just because of where the price is now, we do it because of where we think the price will be in the future - and that it will be different to where it is now. That is the driving force of speculation.
So investment in stock markets is not only driven by the state of companiesâ earnings today. It is also a reflection of where we think earnings and stock values will be âtomorrowâ.
It is always about where we will be and not where we are! 
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My thoughts regarding SP500 is:
Looking on D chart:
1.Is on way of W5 of EW.
2. 200 EMA in nearby of 2900-3000
3.Also there is a gap due bearish pressure on that zone
4.Previous support line on 2900-3000
5. STO is in overbought zone
6.RSI is not in overbought but tend to that area soonâŚ
7.Look in folowing days for MACD divergence.This will confirm the W5 theory.
I think the maxim point will be 2900-3000,and then a strong drop to 2600-2500.
But this is against of what Trump declared about reopen of economy wich should give gas to SP500 to goes to old trend before coronavirus crysis.
Today we assisted to a big a drooping,but not so huge than the next one.The trend will bottom to 2750-2755 where EMA200 & EMA100 & FIBO 50% seems to be the support for this move.Anyway, on H4 the upward trend is not broken until now.
It will retrace to ~2820-2850 to form the right shoulder of the pattern on D.If this pattern complete, expect the downward breakout sign.