Stock Market Weekly update -May 5th

Like the prior week, the market dropped, then recovered on Friday with a huge unexpected rally. Small-caps continue to lag, mostly because of the Regional bank issues. We continue to chop around in a range over the past few months. This week we get the CPI report which could move markets in either direction.

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): -slightly down.
The Dollar -dropped a bit. 10yr Interest rates also dropped.
Gold was up, Oil was down. 
Bitcoin/Crypto was mostly flat.

The charts are near potential resistance levels (SPX, NDX). Small-caps are near the lows.

Pops & Drops: IMGN, SHOP, UBER, FCEL popped!  ..CHGG dropped


S&P 500 -near the top of the recent range... Box shows this week's expected range +-61.



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

New all time Highs:   MNST, PEP, GIS, LLY, SMCI, 
-all time LOWS:    

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:PYPL, BNTX , OXY, DISJD
Events:

CPI   PPI

This week's charts: 


Links...

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