Stock Market Weekly update -April 30th

 The market dropped for 2 days, then rallied for 2 days, closing higher for the week as the VIX continued to drop lower. As we close out April, this makes 2 consecutive monthly 'up' moves in the SPX so far. The SPX & NDX remain in a 'weekly' bullish trend. Small-caps on the other hand look bearish. AAPL reports earnings next week. Also next week we get the Fed on Wed and the monthly Jobs report on Fri, along with other economic reports during the week, all of which 'could' change market direction. 

The FDIC finally reported late on Friday evening that it would take over First Republic Bank

The long term 'weekly downtrend' from the January 2022 high in the SPX (weekly 20MA line) has  turned 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/slightly down.
The Dollar -another flat week . 10yr Interest rates dropped a bit.
Gold was up a bit, Oil was down a bit. 
Bitcoin/Crypto recovered a bit.

The charts are near potential resistance levels (SPX, NDX).

Pops & Drops: CMG, META, MSFT earnings pop



S&P 500 -Still near that 4200ish Resistance level... Box shows this week's expected range +-66.



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:  CMG, MCD, PEP, MDLZ, MNST, GIS, YUM, ORLY,  LLY, PEP, PLTE, VRTX, XOM, 
-all time LOWS:  FRC,  

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, META, MSFT, NVDA, TSLA...

Next week     
MTWThuF
Earnings:ON, VRTX, AMD, BP, PFE, SBUX, CVS, QCOM, PSX, MET, AAPL, COP, REGN, SHOP, MRNA, 
Events:

FED
JOBS

This week's charts: 


Traders have been trying to 'buy' the VIX over the past weeks!
Now at 2021 lows

Links...

Comments

Popular posts from this blog

Stock Market Weekly update -Apr 20

Stock Market Weekly update -Nov 24

Stock Market Weekly update -Oct 27