Stock Market Weekly update -May 21st

  The Nasdaq 100 led a big market rally last week, taking out the Aug 2022 high, even with the Dollar rallying. Small-caps and the DOW are lagging. We'll see if this big-cap tech rally will hold next week. The Debt Ceiling issue will probably swing markets one way or the other.

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): -up a bit last week.
The Dollar -rallied again! 10yr Interest rate was up as well!
Gold dropped, Oil was mostly flat.
Bitcoin/Crypto was flat.

The SPX chart is now at the top of the range (4200 ish) -Indexes

Pops & Drops: FL dropped


S&P 500 -finally got up to 4200... the Box shows this week's expected range +-57.
The 1st Blue line shows the Feb high of around 4200 



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

New all time Highs:   AVGO, ABC, LLY, 
-all time LOWS:    CHPT, LYFT, 

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: ZMLOW PANW, AZO, INTU, NVDA COST, DLTR, BBY, GPS, 
Events:





This week's charts: 



One-time favorites -now at All Time Lows!


NVDA -reports earnings this week



Nasdaq100 vs Small-Caps YTD


Links...

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