Morning Commentary
The S&P 500 finished last week flourishing into the weekend led by the Technology sector.
However, the NASDAQ continues to be the place to be as breadth was overwhelmingly bullish, save new high to lows.
Off the Charts
The NASDAQ is moving toward the top of the trading channel and would meander.
The same with the NASDAQ 100.
Flowing In the Wrong Direction
Major outflows last week underscore some of the anxiety out there. Note: there isn’t a lot to fear other than the market feeling very stretched after the S&P 500 has rallied higher in fourteen of the past fifteen weeks.
With three quarters of earnings in the books, the beat ratio has improved. That is a cause for optimism, as it is unlikely the market could enjoy another year of mass valuation expansion.
The Calendars
Important data out this week, including the CPI report tomorrow and retail sales on Thursday.
There are still more important names in the earnings queue, although it’s doubtful any could move the market on their own.
Tweet |
5/1/2024 1:22 PM | Which Powell? |
5/1/2024 9:40 AM | MAY DAY, MAY DAY, MAY DAY |
4/30/2024 1:02 PM | Complete Flop |
4/30/2024 9:48 AM | CHIPS TAKE THE LEAD |
4/29/2024 1:39 PM | Musk Rides Back to the Mag Seven |
4/29/2024 9:50 AM | DIE BY THE SWORD, PROSPER BY THE SWORD |
4/26/2024 1:46 PM | Full Steam |
4/26/2024 9:39 AM | BIG TECH STEPS UP |
4/25/2024 1:16 PM | Don't' Bury me, Yet! |
4/25/2024 9:27 AM | THERE CAN ONLY BE ONE |
4/24/2024 1:30 PM | Earnings Flood In |
4/24/2024 9:26 AM | BUYING THE DIP |
4/23/2024 1:25 PM | Bloom Off Rose |
4/23/2024 9:32 AM | WHAT HAPPENED TO THE BRAVADO? |
4/22/2024 1:22 PM | Pins and Needles |
4/22/2024 9:30 AM | LIVE BY THE SWORD … |
4/19/2024 1:20 PM | Fair Chunk of Rotation |
4/19/2024 9:35 AM | DON’T OVERREACT |
4/18/2024 1:37 PM | Didn’t Break Down |
4/18/2024 9:40 AM | MARKET OFF SCRIPT |
4/17/2024 1:59 PM | Facing Pressure |
4/17/2024 9:37 AM | POWELL STILL WANTS TO HELP |
4/16/2024 1:35 PM | Muted |
4/16/2024 9:42 AM | FEAR ARRIVES |
4/15/2024 1:17 PM | Making a Statement |
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