Stock Market Weekly update -Aug 6th

 We saw a huge reversal in stocks last week, taking out the prior 2 weeks of rallies, after a US Credit downgrade by Fitch, a 3rd weekly rise in the Dollar (interest rates), along with some earnings reactions, and maybe the Jobs report. The weekly uptrend is still intact, tho the daily chart shows the trend starting to be challenged. AMZN, CAT, VRT, & HUM popped on earnings, while AAPL & QCOM, SHOP, PYPL, SQ, JBLU, FTNT dropped.

More earnings this week (UPS, DIS...), . Other events include CPI & PPI reports.

Stocks sink after historic US credit rating downgrade

The Dollar -was up for a 3rd week! Likewise for the 10Yr Interest rate.
Gold was down, while Oil was up for a 6th week!
Bitcoin/Crypto -down a bit for a 3rd week

TUP came to life with a +700% gain over 2 weeks!
YEL likewise popped around 400% as they declared bankruptcy!
 -you cant make this stuff up!

New all time Highs:   AFL, BKNG, CBOE, MPC, NE, SMCI, XPO, VRT
    -all time LOWS:    

S&P 500 - Dropped after reaching the March 2022 high -'Weekly' chart



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? Interest rates? US Credit downgrade?
Over $32 Trillion in debt!  See Debt Clock on the left, or here... 


Options watch:   S&P 500 Implied Volatility  (CBOE VIX) -popped last week from multi-year lows!
ETFs SPY, IWM, QQQ, SQQQ/TQQQ, XLF, XLE,  EEM,  GLD/SLV, VIX

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

Next week:      
MTueWThuF
Earnings: , LLY, UPSDISBABA
Events:


CPIPPI

This week's charts: 

 2023 1st Half returns -Indexes


08/06


7/30


7/16: SMH -Semi-conductors double top potential?


Links...

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