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Final week, we famous the clear bearish divergence that’s been forming since late final 12 months, and it appears this week that the cracks are widening additional. Because the narrative across the potential for price cuts continues to deteriorate, so does the market. Now, the indexes are on skinny ice, with two of the three majors closing at multi-week lows. In different news;
How lengthy this ache will final is but to be seen, so let’s get straight to the charts and see how all the things appears to be like going into subsequent week.
SPY (SPDR S&P 500)
After a number of weeks of holding above the year-to-date point of control, the SPY ETF closed this week properly beneath it, at $510.85 (-1.46%). If the value is to proceed to fall within the weeks to return, bulls can be conserving a detailed eye on the late February hole which aligns with the year-to-date anchored VWAP.
QQQ (Invesco QQQ Trust)
The QQQ ETF managed to carry it collectively a bit higher than its counterparts this week, closing at $438.27 (-0.50%), simply above the year-to-date level of management. If that degree is to fail, the February hole beneath may very well be a goal.
IWM (iShares Russell 2000)
The small caps struggled probably the most this week, closing beneath their year-to-date anchored VWAP and ending the week at $198.69 (-2.82%). Now {that a} new every day low has been made, it’s attainable this transfer may very well be exhausted, but when this draw back transfer continues subsequent week, the year-to-date level of management might come into play.
Notable Outcomes
TLRY (Tilray)
- EPS: $(0.00) vs $(0.05) est
- SALES: $188.34M vs $198.50M est
AEHR (Aehr Test Systems)
- EPS: $(0.03) vs $(0.04) est
- SALES: $7.600M vs $7.609M est
DAL (Delta Airlines)
- EPS: $0.45 vs $0.36 est
- SALES: $13.75B vs $12.57B est
FAST (Fastenal)
- EPS: $0.52 vs $0.53 est
- SALES: $1.90B vs $1.91B est
STZ (Constellation Brands)
- EPS: $2.26 vs $2.08 est
- SALES: $2.14B vs $2.10B est
JPM (JP Morgan Chase)
- EPS: $4.44 vs $4.15 est
- SALES: $49.10B vs $41.84B est
WFC (Wells Fargo)
- EPS: $1.20 vs $1.09 est
- SALES: $20.86B vs $20.20B est
C (Citigroup)
- EPS: $1.58 vs $1.20 est
- SALES: $21.104B vs $20.393B est
LULU (Lululemon)
Late shorts beware; whereas stalling This autumn gross sales have resulted in a dramatic post-earnings selloff for this retail darling, the value is at the moment looking for a footing on the anchored VWAP from the Covid low and seasonality exhibits the most effective performing week of the 12 months has arrived.
DAL (Delta Airlines)
With the information of a better-than-expected double-beat earnings report and a large debt reimbursement plan in place, it’s not a shock to the road celebrating Delta with a slew of latest upgrades this week. Deutsche Financial institution is especially bullish, rising their 12-month goal to $60/share, a 26% upside to the present worth.
QQQ (Nasdaq 100)
In 2024, a transparent development has begun to take form for the tech index. Early-week dip patrons proceed to be rewarded with end-of-week energy. We noticed the Thursday energy repeated this week, however will this similar efficiency proceed all through Q2?
Consider it or not, that is only a fraction of what occurred within the markets this week. For a full run down delivered straight to your inbox each weekend, join The Official TrendSpider Newsletter! We hope you all have a really blissful Easter vacation!
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