Earnings season picks up serious steam in the final full week of April, with a host of bank earnings following Friday's opening salvo of positive prints from JPMorgan (JPM), Wells Fargo (WFC), and Citi (C).
On the economic front, housing data will be the focal point a week after inflation and retail sales take center stage.
The median asking rent in the U.S. fell 0.4% to
1
,937 in March from a year earlier -- the first annual drop since the Covid-19 pandemic hit in March 2020. The overall slump in U.S. rents largely stemmed from a supply glut resulting from the pandemic home building boom. And with rental vacancies on the rise, landlords have been reducing rent and offering concessions.
Chart: SPY 5 mins and 15 mins
Back to last Friday's trade, investors were digesting a slate of economic data and corporate news ahead of the open, including some pleasing Q1 earnings results from several large banks. The market opened below Thursday's close, but large banks' positive earnings provide upward energy for the market. While the financial sector was providing support for the broader market, mega cap losses offset much of that support and drove a lot of the index level weakness. $410.10ish level have provided some support for tech buyers.
Chart: SPY daily and 15 mins
Chart: QQQ daily
SPY tried to break $415.05 highs but failed, which give a red DOJI on daily chart, Qs looks weaker than SPY, which didn't pass $321.63, and the trend for Qs look a bit uncertainty. For SPY, I think the upward moves from March was far enough. A bit of correction is expected, last week we had so many important economic data, most of them kinda indicate that the FED can not keep increasing the interest rates, but the market also fears about the recession to come. Therefore, I think instead of moving sideways in
410
-$415 range, the market will likely to correct back and waiting for more confirmation. So, I will definitely short some SPY if market open high.
On the economic front, housing data will be the focal point a week after inflation and retail sales take center stage.
The median asking rent in the U.S. fell 0.4% to
1
,937 in March from a year earlier -- the first annual drop since the Covid-19 pandemic hit in March 2020. The overall slump in U.S. rents largely stemmed from a supply glut resulting from the pandemic home building boom. And with rental vacancies on the rise, landlords have been reducing rent and offering concessions.
Back to last Friday's trade, investors were digesting a slate of economic data and corporate news ahead of the open, including some pleasing Q1 earnings results from several large banks. The market opened below Thursday's close, but large banks' positive earnings provide upward energy for the market. While the financial sector was providing support for the broader market, mega cap losses offset much of that support and drove a lot of the index level weakness. $410.10ish level have provided some support for tech buyers.
SPY tried to break $415.05 highs but failed, which give a red DOJI on daily chart, Qs looks weaker than SPY, which didn't pass $321.63, and the trend for Qs look a bit uncertainty. For SPY, I think the upward moves from March was far enough. A bit of correction is expected, last week we had so many important economic data, most of them kinda indicate that the FED can not keep increasing the interest rates, but the market also fears about the recession to come. Therefore, I think instead of moving sideways in
410
-$415 range, the market will likely to correct back and waiting for more confirmation. So, I will definitely short some SPY if market open high. Related Ideas
Pivot high
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