Stock Market Weekly update -May 28th

 The Nasdaq100 led a big market rally again last week, fueled mostly by the huge spike in NVDA after reporting earnings, along with other AI related stocks which all rallied! Despite the huge Nasdaq100 rally, the DOW was actually down for the week, and Small-caps are near the lows for the year! 

This week's big event will be the Debt Ceiling talks, and maybe the monthly Jobs report on Friday. Markets are closed on Monday. A further S&P500 rally could take us to the next level of around 4300, the August high.


The Dollar rallied for a 3rd week, as Bonds dropped again, ahead of the Debt Ceiling resolution.

Debt-ceiling deal reached in principle by Biden and McCarthy, vote could come early next week

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 last week.
The Dollar -rallied for a 3rd week! 10yr Interest rate was up as well!
Gold dropped, Oil was up a bit.
Bitcoin/Crypto was down slightly.

The SPX chart is holding near the top of the range (4200ish) -Indexes

Pops & Drops: AVGO, MRVL, NVDA, PANW popped!

SNOW dropped... fell? :)  



S&P 500 -dropped from 4200 then popped right back up after the AI hype!
 The pink Box shows this week's expected range +-63.
The lower Blue line shows the Feb high of around 4200 



The Nasdaq100 chart looks very different...
It's already way past the Feb resistance level where the S&P is currently stuck!





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, ON, NVDA, SMCI, KLAC, SNPS, COCO, PANW
-all time LOWS:    TLRY, NKLA, BIG, RAD

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

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

Next week:      
MTWThuF
Earnings: 
CRM, CRWD, AAPAVGO, DG,, LULU, , 
Events:





This week's charts: 



5/21: NVDA -reports earnings this week



NVDA -😱  OK.. they reported!!!





Nasdaq100 vs Small-Caps YTD



S&P vs DAX vs Japan


...at higher rates!

Links...

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