Stock Market Weekly update -Apr 16th

 We got another rally last week, making it the 5th week up from the banking failure lows, and now approaching the 4200 level on the SPX, the Jan 30 high. The Nasdaq already took out that high. FRC (First Republic bank) and the KRE index continue to hold near the lows, following the crash in early March.  The VIX dropped to new lows last seen in Dec 2021! However we get the VIX Futures expiration on Wed, and Monthly Options expiration on Friday, so we could see possible stalls or reversals. The expected range for next week on the S&P is +-55.

The long term 'weekly downtrend' from the January 2022 high continues in the SPX (weekly 20MA line) tho its trying to turn back up.  We've been chopping around in a range since  April 2022.  Less  likely now maybe, but 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): -up a bit.
The Dollar dropped for a 5th week. 10yr Interest rates rallied a bit.
Gold rallied as did Oil. 
Bitcoin/Crypto rallied, closing over 30,000.

What to Expect in the Markets Next Week - Earnings! VIX futures & Equity Options expiration. 
The charts still look somewhat bullish (SPX, NDX).

Pops & Drops: 



S&P 500 -Near a Resistance level... Box shows this week's expected range +-55.



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, Banks? Earnings
Over $31 Trillion in debt!  See Debt Clock on the left, or here... 

New all time highs:  BSX, MRK, NVO, VRTX, MCD, AZO, ORLY, 
-all time LOWS:  

Options watch:   S&P 500 Implied Volatility  (CBOE VIX) -popped & dropped! 
ETFs SPY, IWM, QQQ, SQQQ/TQQQ, XLF, XLE,  EEM,  GLD/SLV,

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

Next week:      
MTWThuF
Earnings:SCHWBAC, GS, JNJ, NFLX, UAL, MS, TSLA, ABT, IBM, TRV, AXP, TSM, T, FCX, PG, SLB
Events:





This week's charts: 



Regional Banks (KRE) -holding the lows


Links...

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