Weekly Report for Oct 20, 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 were poised to close the week higher, supported by a light economic data schedule and a boost from third-quarter earnings reports. Strong results from banks powered much of the rally, helping the S&P 500 aim for its sixth straight week of gains. Although economic data was limited, the retail sales report stood out, showing a solid month-over-month increase, highlighting continued consumer strength. In the housing market, while overall activity remains subdued, there were encouraging signs as single-family home starts and permits rose.
Overall Stock Market Heatmap
Sector Performance
Looking Ahead to the Upcoming Week
Looking ahead, investors will be focused on next week’s releases, including S&P Global’s PMIs for manufacturing and services, leading indicators, new and existing home sales, and the Federal Reserve’s Beige Book.
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 (1-2 weeks): Neutral to slightly bullish. A test of $586 resistance seems likely, but volume will need to pick up to support a breakout. Any failure to break this level could result in a pullback to $575 or $565.
Medium-term (1-3 months): Bullish. As long as SPY remains above the 20-week moving average, the broader uptrend remains intact. A move toward the $590-$595 range is possible.
Long-term (3+ months): Bullish, barring any major macroeconomic or geopolitical shocks. SPY remains in a solid uptrend, and as long as it holds above $540, the long-term outlook remains positive.
QQQ - Invesco QQQ Trust Series 1
Short-term (1-2 weeks): Neutral to slightly bullish. A break above $503.52 will be key for continued upward movement. If the price is unable to break above this resistance, expect a pullback to the $485-$490 area.
Medium-term (1-3 months): Bullish. As long as the price holds above the 20-week moving average ($475), the medium-term trend remains positive. A breakout above resistance could lead to a test of $510 or higher.
Long-term (3+ months): Bullish. The long-term trend remains intact, as the price remains above both the 20-week and 50-week moving averages. As long as the price stays above $460, the long-term outlook remains positive.
IWM - iShares Russell 2000 ETF
Short-term (1-2 weeks): Neutral. The symmetrical triangle pattern suggests a breakout is imminent, but the direction remains uncertain. A break above $228 would be bullish, while a break below $220 would be bearish. Traders should wait for confirmation before taking a position.
Medium-term (1-3 months): Bullish, assuming a breakout occurs. If the stock breaks above the $228 resistance, it could rally toward the $235-$240 range. However, a breakdown below $220 could lead to a pullback toward $210.
Long-term (3+ months): Bullish. The weekly chart shows an overall upward trend, and as long as the price stays above key weekly support levels like $210, the long-term outlook remains positive. A breakout could lead to new highs over the coming months.
MyntBit’s Top 40 Stocks
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