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The Bulls have had a straightforward go of it over the previous 5 months. The bid has been relentless because the narratives of decrease inflation and price cuts have taken the forefront, however a brand new narrative is afoot; Charge cuts won’t come this yr. These feedback, which got here from Federal Reserve Financial institution of Minneapolis President Neel Kashkari, a non-voting member of the FOMC, brought about a market-wide selloff on Thursday, the likes of which had not been seen since March of 2023. In different news;
Some cracks are starting to type on the decrease time frames throughout the three main index ETF charts, and we’ll focus on them, in addition to different notable highlights from the week, under!
SPY (SPDR S&P 500)
An fascinating change of tempo was seen on the SPY each day chart this week, with the worth closing under the 21-period EMA for the primary time this yr. Regardless of closing solely reasonably decrease than final week at $518.43 (-0.89%), the clear bearish RSI divergence is trigger for concern.
QQQ (Invesco QQQ Trust)
Very similar to the SPY, the QQQ additionally struggled with its 21-period EMA this week, failing to regain it after Thursday’s selloff and shutting at $440.47 (-0.80%). The Relative Strength indicator continues to deteriorate, suggesting weak point underneath the hood.
IWM (iShares Russell 2000)
The small caps had been the weakest performers of the group this week, closing at $204.45 (-2.78%). Very similar to its extra favored counterparts, the IWM can also be showcasing clear bearish RSI divergence whereas the worth struggles under the 21-period EMA.
Notable Outcomes
PAYX (Paychex)
- EPS: $1.38 vs $1.37 est
- SALES: $1.44B vs $1.46B est
NNOX (Nano-X Imaging)
- EPS: $(0.18) vs $(0.30) est
- SALES: $2.50M vs $2.82M est
PVH (PVH Corp)
- EPS: $3.72 vs $3.53 est
- SALES: $2.49B vs $2.42B est
PLAY (Dave & Busters Entertainment)
- EPS: $1.03 vs $1.10 est
- SALES: $599.1M vs $602.6M est
CALM (Cal-Maine Foods)
- EPS: $3.00 vs $2.46 est
- SALES: $703.1M vs $692.4M est
BB (BlackBerry)
- EPS: $(0.03) vs $(0.03) est
- SALES: $173.0M vs $154.8M est
LEVI (Levi Strauss)
- EPS: $0.26 vs $0.21 est
- SALES: $1.558B vs $1.547B est
LW (Lamb Weston)
- EPS: $1.45 vs $1.46 est
- SALES: $1.46B vs $1.65B est
XLE (SPDR Select Sector Fund)
During the last month, vitality has led the market, outperforming all different sectors, and has room to run. XLE and its three highest weighted holdings (XOM, CVX, COP) see document features in April, notably in election years.
KO (Coca-Cola)
Coca-Cola weathered a 4% decline final week however seems to have discovered some footing on the 100-Day EMA, forming hidden RSI divergence on the each day chart. Look ahead to a reversal, as historic information exhibits this week is especially potent.
NVDA (Nvidia)
Nvidia suffered back-to-back pink weeks for the primary time in 2024, closing -9.6% off ATHs, stopping simply in need of correction territory. Earlier than you get too excited, seasonality exhibits yet another week of powerful sledding forward.
Imagine 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 comfortable Easter vacation!
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