Weekly Report for Oct 12, 2024
What is included in this week's edition?
WEEKLY REVIEW: An overview of current market standing, fundamental matters with implications upon the market, and general sentiment regarding the major US indices.
LOOKING AHEAD: Key takeaways to consider as we look forward to the upcoming trading week.
MARKETS: A technical review of the major indices and commodities that represent the overall health of the market.
Market Trader by MyntBit
Stocks dipped on Monday but rebounded throughout the week as investors shifted their attention to September’s Consumer Price Index (CPI) and Producer Price Index (PPI) inflation data. While CPI came in higher than expected, broader economic outlooks and expectations for future interest-rate cuts remained stable. At the same time, consumer sentiment and small-business optimism reflected ongoing concerns about inflation and growing uncertainty around business conditions. The Federal Open Market Committee’s (FOMC) September meeting minutes, released on Wednesday, October 9, reinforced expectations for a 25-basis-point rate cut, rather than a 50-point cut.
Overall Stock Market Heatmap
Sector Performance
Looking Ahead to the Upcoming Week
Looking ahead, investors will be focused on September’s retail sales, housing market data (including housing starts, building permits, and the National Association of Home Builders Housing Market Index), industrial production, capacity utilization, business inventories, and more third-quarter earnings reports.
Looking ahead to the week of October 13-19, we have several key economic events and earnings to watch for:
Economic Events:
Monday (Oct 14): FOMC Member Waller speaks at 3:00 PM.
Tuesday (Oct 15): Empire State Manufacturing Index data.
Thursday (Oct 17): Big day with Core Retail Sales, Retail Sales, Unemployment Claims, Philly Fed Manufacturing Index, and Crude Oil Inventories.
Friday (Oct 18): Building Permits and FOMC Member Waller speaks again.
Earnings Calendar:
Tuesday (Oct 15): Big names reporting include UnitedHealth (UNH), Johnson & Johnson (JNJ), Citigroup (C), Goldman Sachs (GS), and Walgreens (WBA) before market open.
Thursday (Oct 17): Procter & Gamble (PG), American Express (AXP), and Fifth Third Bancorp (FITB) before the market open.
Friday (Oct 18): Netflix (NFLX) and Intuitive Surgical (ISRG) after the market close.
Economic Events
Earnings Event
Markets
Below are the levels for the upcoming week. Updates will be provided on X (previously Twitter) throughout the week.
SPY - SPDR S&P 500 ETF Trust
Short-Term: Moderately bullish with caution for a potential pullback if momentum weakens or volume remains low.
Medium-Term: Bullish, expecting the trend to continue if supported by volume and broader market conditions.
Long-Term: Bullish, as the ETF is in a well-established uptrend across both daily and weekly timeframes.
QQQ - Invesco QQQ Trust Series 1
Short-Term: Moderately bullish, with a potential to test the psychological $500 level. Watch for increased volume to confirm further upside.
Medium-Term: Bullish, as the weekly trend remains intact and the MACD signals further potential gains. A breakout above $500 would signal strong bullish continuation.
Long-Term: Bullish, supported by strong price action and positioning well above key moving averages. The uptrend remains intact, but a pullback to major moving averages in the medium term could offer a better entry point.
IWM - iShares Russell 2000 ETF
Short-Term: Bullish with breakout potential. The combination of the triangle pattern nearing its apex, rising volume, and a bullish MACD signal all point to a potential breakout above $224 in the next few sessions.
Medium-Term: Bullish, with the weekly chart reinforcing the idea that a breakout could lead to a sustained move higher. If the price clears resistance, we could see a move toward $230 and beyond.
Long-Term: Bullish, as the ETF is trading above key moving averages, and the consolidation phase suggests that the next significant move will likely be upward if it breaks resistance.
MyntBit’s Top 40 Stocks
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