Stock Market Weekly update -Jan 7th

The 9 week SPX rally reversed in this first week of 2024, possibly starting a double top from the Jan 2022 high.  We closed just under 4700. This week we get the CPI, a few Bond Auctions, and Big Bank earnings on Friday. Fasten your seatbelts :)

2023 performance:

S&P500: +24%        

Nasdaq 100: +56%           

Dow: +14%         

Small Caps: +17%    

Gold +14%          

US dollar -19%          

Bitcoin: +153%



What to Expect in the Markets Next Week - CPI, bank earnings

Bonds -dropped 
The Dollar -rallied 
Gold down a bit
Oil up a bit
Bitcoin/Crypto -still mostly flat

Pops & Drops/5 day movers:  COIN, HUT, MARA, etc. gave back even more! Also SOFI, AFRM, SQ, UPST, ARM, MBLY dropped.

New all time Highs:  JPM, NVS
   -All time LOWS:   AMC
Percent of Stocks Above 50-Day Average ...dropped from 84% to 76%



S&P 500 - dropped from near the Jan 2022 high



Small-caps -never made it even close to the prior 2021 high!




DOW -leading up

S&P500

NASDAQ


1/1/23:  Indexes vs Pre-Covid early 2020 highs -the DOW already got there & reversed




1/6/24:  Indexes -double tops?





Market concerns:   ?
Now over $34 Trillion in debt!  See Debt Clock below, or here... 


Options watch:   
ETFs SPY, IWM, QQQ, SQQQ/TQQQ, XLF, XLE,  EEM, VIX

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

Next week:      
MTueWThuF
Earnings:, , 

JPM, BAC, C, WFC, UNH, 
Events:

CPIPPI

This week's charts: 
 Pre-Covid highs -link (Oct 2022 charts) -Stocks reversed from here!



Links...
ETFs performance - Ranked by  Volume
S&P 500 Sector performance 

News:
S&P 500 closes slightly higher Friday, but major averages end 9-week win streak
Cramer’s week ahead: Earnings season kicks off after JPMorgan Healthcare Conference
Euro zone inflation rebounds in December, fueling rate-cut debates
Tesla says it delivered a record 1.8 million EVs in 2023

24/7 Wall St.
Fear & Greed Index 

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