NQ & ES finished the week green yet again after testing the low of the recent range early in the the shortened trading week for US markets. The NQ closed 1% off its ATH high while the ES finished 0.56% off its ATH. The late week recovery was fueled by another strong earning report from NVDA although big tech showed signs of weakness to closed out the week with most of the Mag 7 closing red on Friday as money rotated back into XLP, XLV & XLB. Earnings season will wind down this week with reports fom some big retailers, Canadian banks & small cap growth names. PCE data is on tap for Thursday and the Fed heads will continue their speaking tour.
SUMMARY
SUMMARY
- ES had a weekly gain of 1.60% after trading in a wide range of 160 pts.
- ES closed firmly above the 2021 high
- T1 = 1.618 Fib X (5147)
- T2 = 1.13 Fib X (5231)
- S1 = 2021 High (5029)
- S2 = 21 ema (4993)
- Uptrend remains intact above the upward trendline.
- Sector rotation last week from XLK, XLC & XLY to XLP, XLB & XLV.
- Durable Goods & Consumer Confidence on Tues. PCE & Consumer Spending Thru. Manufacturing PMI on Friday.
- Earnings this week include reports from U, ZM, LOW, M, MARA, CRM, SNOW, CELH, BBY & Canadian banks.
- Elevated terrorist/war risk due to escalaton of conflicts in the Middle East.
- RSI 66.84 VIX at 13.74 | 10 year 4.25%
