Quarter one of 2024 is officially behind us and indexes are looking stronger than ever, with both the SPY and QQQ closing within earshot of all-time highs for a second quarter in a row! With this impressive close came some important news, including:
- Amazon bets big on Anthropic
- Q4 2023 GDP gets revised
- Boeing CEO steps down
- Robinhood launches credit card
- Fidelity files for spot ETH ETF
Despite the closure of the markets on Friday in observance of the Good Friday holiday, traders will be closely monitoring the release of PCE numbers and remarks from Jerome Powell. This anticipation sets the stage for an exciting Monday ahead! Let’s dig into the technical setups observed across the index ETFs.
Quarterly Analysis
SPY (SPDR S&P 500)
This quarter, the SPY ETF put in a huge upside move, closing at $523.07 (+10.06%). After finding support last quarter at the Anchored VWAP from the Q1 2022 high and the 50% Fibonacci retracement, the price continued to gain but stalled just shy of the 1.382 Fibonacci extension. Additionally, RSI is back above a 70 reading for the first time since the Q1 2022 highs.
QQQ (Invesco QQQ Trust)
Much like the SPY, the QQQ ETF had a very strong quarter, closing at $444.01 (+8.42%) and finding resistance at the 1.236 Fibonacci extension. However, with RSI crossing over the pivotal 70 level, it appears as though the longer-term move could just be getting started.
IWM (iShares Russell 2000)
The small caps had a decent quarter, with the IWM ETF closing at $210.30 (+4.78%). The price found support at the Anchored VWAP from the Q4 2021 high and its next level of resistance lies just above; the 0.618 Fibonacci retracement level. From a relative strength perspective, this index lags its counterparts by a hair.
Earnings
Notable Results
GME (Gamestop)
- EPS: $0.22 vs $0.29 est
- SALES: $1.794B vs $2.050B est
RH (Restoration Hardware)
- EPS: $0.72 vs $1.67 est
- SALES: $738.26M vs $770.48M est
MKC (McCormick & Company)
- EPS: $0.63 vs $0.58 est
- SALES: $1.60B vs $1.56B est
DRCT (Direct Digital Holdings)
- EPS: $0.08 vs $0.26 est
- SALES: $41.01M vs $65.95M est
CCL (Carnival)
- EPS: $0.14 vs $0.16 est
- SALES: $5.406B vs $5.473B est
CTAS (Cintas Corporation)
- EPS: $3.84 vs $3.59 est
- SALES: $2.406B vs $2.386B est
PLBY (Playboy Group)
- EPS: $0.05 vs $0.14 est
- SALES: $39.364M vs $32.275M est
WBA (Walgreens Boots Alliance)
- EPS: $1.20 vs $0.82 est
- SALES: $37.05B vs $35.86B est
What’s Happening Now
QQQ (Invesco QQQ Trust)
When we refine the seasonality data to focus exclusively on election years, the Nasdaq 100’s April win rate dips to 33%, suggesting we may see a pullback in the broader market before the real summer rally.
RDDT (Reddit)
Reddit’s shares soared over 59% after their IPO, with insiders quickly capitalizing on the surge. CEO Steve Hoffman sold 500,000 shares, while COO Jennifer Wong offloaded 514,000 shares amidst the newfound access to liquidity.
HD (Home Depot)
Home Depot plans to acquire SRS Distribution for $18.25 billion, including net debt, with the expectation of lower GAAP EPS but boosted cash EPS in the first year. HD also believes this addition brings their total addressable above ~$1 trillion.
Believe it or not, this is just a fraction of what happened in the markets this week. For a full run down delivered straight to your inbox every weekend, sign up for The Official TrendSpider Newsletter! We hope you all have a very happy Easter holiday!
