Stock Market Weekly update -Jan 29th

We saw a nice rally last week bringing the SPX up to a potential resistance level around 4100. Lots of the beaten down stocks rallied last week. Next week we get big tech earnings among others, along with the Fed on Wed, and the Jobs report on Fri, and a few other economic reports. Lots of market moving events.

The long term weekly 'downtrend' from the January 2022 high continues in the SPX (weekly 20MA line). A further rally this week could finally break above that downtrend line.  This weekly trend could also 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): -holding up just above the recent highs.
The Dollar dropped a bit more for the week, while the 10yr Rate was flat.
Gold had a small rally again, while Oil dropped a bit.
Bitcoin/Crypto moved up a bit -3rd week!
What to Expect in the Markets Next Week -earnings, Fed, Jobs report, 

Pops & Drops:   TSLA popped

  S&P 500 weekly -still banging at the weekly downtrend line & potential resistance




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, MPC, CB

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:
AMD, AMGN, CAT, MCD, PFE, UPS, XOM,METAAAPL, AMZN, GOOGL, QCOM, MRK, LLY, GILD, BMY, COP, HON, SBUXCI, REGN, 
Events:
FED
Jobs report

This week's charts: 


10/30 blog: The US Dollar -topped?

 -still dropping, from that 'tail'
Tho, near a support level here




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