Stock Market Weekly update -Apr 2nd

 We closed out the Quarter with a 3rd week higher on the indexes, except for the Small-caps (drag on banks) which was only up last week for the 1st time. The Nasdaq100 broke above a resistance level (the prior high from Feb 2nd), as the S&P500 is still trying to get to that level, tho it closed 50 points higher than the expected move for the week -very strong.   First Republic bank (FRC) continued to lag near the bottom of the recent drop. 

We could see more upside action in coming weeks for the S&P to get back up to the Feb high of around 4200 the expected move for next week is +- 55 points on the SPX. We have a short trading week with the Good Friday holiday. Monthly Jobs report on Friday!

The long term 'weekly downtrend' from the January 2022 high continues in the SPX (weekly 20MA line) tho its trying to turn back up.  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): -rallied last week.
The Dollar dropped for a 3rd week. 10yr Interest rates were up slightly.
Gold was down a bit. Oil was up again.
Bitcoin/Crypto was flat.

The charts still look bullish (SPX, NDX).

Pops & Drops: Tech stocks staged a nice rally  -LULU popped!



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

New all time highs:  BSX, MNST, ADI, JBL, and others
-all time LOWS:  BBBY, NKLA, CLOV, 

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:
, 

Events:




This week's charts: 



Links...

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