Stock Market Weekly update -Apr 23rd

 The market was flat to slightly down last week, pausing the 5 week rally.  The KRE index continues to hold near the lows, following the Regional Bank crash in early March.  The VIX held near the lows last seen in Dec 2021! Big Tech earnings this week, along with many others. TSLA dropped after reporting last week.

 The expected range for next week on the S&P is +-55.

The long term 'weekly downtrend' from the January 2022 high in the SPX (weekly 20MA line) is 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): -flat week.
The Dollar stalled after a 5 week drop . 10yr Interest rates rallied some more!
Gold dropped as did Oil. 
Bitcoin/Crypto dropped, giving back all of the prior week big gains!

What to Expect in the Markets Next Week - GDP & Earnings, including big tech!  
The charts look somewhat 'toppy' (SPX, NDX).

Pops & Drops: 


S&P 500 -Still 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, Earnings
Over $31 Trillion in debt!  See Debt Clock on the left, or here... 

New all time Highs:  AZN, BSX, LLY, NVS, NVO, VRTX, 
Also: HCA, AZO, ORLY, CBOE, HSY, MCD
-all time LOWS:  FSR, RIVN. RIDE, 

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

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

Next week:      
MTWThuF
Earnings:KO, GOOGL, MSFT, CMG, MMM, MCD,  PEP, TXN,  UPS, V, VZMETA, BA, HUM,  ROKU, TMO, GSK, AMZN, INTC, AMGN, ABBV, AZN, LLY, MRK, GILD, MA, CAT, HDY, ATVICVX, XOM
Events:


GDPPCE

This week's charts: 


Many traders have been trying to 'buy' the VIX in past weeks!

Links...

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