Stock Market Weekly update -Jan 15th

The big Jobs day rally from the previous week continued last week, with no real news catalyst (the CPI report came in as expected). Some attribute the rally to massive amounts of Options short positions in the market -basically a 'short squeeze'. It was a big rally week for most asset classes. 

Next week we get more Bank earnings, along with NFLX earnings -and once again, Trillions in Options expiration on Friday! Also the VIX Futures expire on Wednesday -it has been dropping since the Oct 13th CPI high!

The long term weekly 'downtrend' from the January 2022 high continues in the SPX (weekly 20MA line). This weekly trend could eventually take us down to the pre-Covid highs of early 2020! The DOW & the Small-caps have already touched that level and rallied back up (see pics below).

NYA (NYSE composite) & IWM (small-caps): -bigger recovery than the S&P and the Nasdaq.
The Dollar dropped for the week, while the 10yr Rate dropped a bit as well.
Gold had another nice rally, while Oil also rallied.
Bitcoin/Crypto rallied!
What to Expect in the Markets Next Week -earnings, retail sales, PPI

Pops & Drops:   

  S&P 500 weekly -2nd breakout week 



Broad based NYA index is recovering nicely 
-after dipping below the pre-covid highs



DOW -leading up

S&P500

NASDAQ


1/1/23:  Indexes vs Pre-Covid early 2020 highs -the DOW already got there & reversed


Market concerns:   Inflation, Rising Rates, Russia/Ukraine
Over $31 Trillion in debt!  See Debt Clock on the left, or here... 

New all time highs:  CAT, JBL, 

Options watch:   S&P 500 Implied Volatility  (CBOE VIX) -holding near the lows.
ETFs SPY, IWM, QQQ, SQQQ/TQQQ, VIX/VXX, XLF, XLE,  EEM,  GLD/SLV,

Stocks AAPL, AMZN, TSLA, META, NVDA...

Next week:      
MTWThuF
Earnings:
MS, UAL
NFLX, PGBAC, BLK, C, JPM, WFC, UNH
Events:Holiday!PPI, Retail sales
Jan Options Exp.

This week's charts:   Pre-Covid highs -link (Oct 2022)



10/30 blog: The US Dollar -topped?

 -still dropping, from that 'tail'


Links...

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