Market Update Into April 28th: Market Sentiment Shifts

3 mins read

The major indexes gained bullish momentum last week, driven by a sentiment boost from the White House and positive economic data. President Trump said tariffs on China could come down substantially and stated he has no intention of firing Fed Chair Powell, sending equities higher midweek. Later on, stronger-than-expected UMich consumer sentiment and inflation expectations further fueled the rally, allowing the markets to close on a high note. In other news:

Looking ahead, the markets have a packed schedule. Traders will get the first Q1 2025 GDP estimate, often the most impactful of the three, along with the Fed’s preferred inflation gauge, the PCE index. On top of that, earnings season continues with two of the biggest companies in the world: $AAPL and $MSFT. Let’s see how the charts are setting up.

Weekly Analysis

SPY (SPDR S&P 500)

The SPY ETF ended on a positive note at $550.64 (+4.61%), breaking above a descending broadening wedge identified by TrendSpider’s automated chart pattern recognition. While bulls are seeing some positive signs, the YTD volume profile shows SPY pulling into a high volume node area, which may act as resistance. With the overall trend still down, upticks are guilty until proven innocent, raising the question if the current momentum is enough to break the overhead supply.

QQQ (Invesco QQQ Trust)

The QQQ ETF led the major indexes last week, finishing above its all-time-high anchored VWAP at $472.56 (+6.42%). As Q1 earnings continue to roll out, the tech-heavy ETF’s next move will largely depend on results from market giants like $AAPL, $MSFT, and $AMZN. With key earnings hitting just as the index approaches potential high-volume node resistance, the stage is set for a major move.

IWM (iShares Russell 2000)

The small-cap ETF, IWM, finished the week in last place at $194.12 (+4.05%). It is trading inside a low volume node, where price tends to move quickly. Positioned at the top of a descending broadening wedge, the ETF has multiple catalysts setting up for a significant move. However, potential resistance looms overhead at its swing high anchored VWAP, a key level that may act as a magnet for selling pressure as traders look to exit near breakeven.

Earnings

Notable Results

TSLA (Tesla)

EPS: $0.27 vs $0.41 est
REV: $19.34B vs $21.35B est

GOOG (Alphabet)

EPS: $2.81 vs $2.01 est
REV: $90.23B vs $89.20B est

INTC (Intel)

EPS: $0.13 vs $0.01 est
REV: $12.67B vs $12.30B est

GE (GE Aerospace)

EPS: $1.49 vs $1.26 est
REV: $9.00B vs $9.00B est

VZ (Verizon)

EPS: $1.19 vs $1.15 est
REV: $33.50B vs $33.23B est

RTX (RTX Corporation)

EPS: $1.47 vs $1.35 est
REV: $20.31B vs $19.79B est

LMT (Lockheed Martin)

EPS: $7.28 vs $6.32 est
REV: $17.96B vs $17.80B est

PM (Phillip Morris)

EPS: $1.69 vs $1.61 est
REV: $9.30B vs $9.12B est

T (AT&T)

EPS: $0.51 vs $0.49 est
REV: $30.63B vs $30.35B est

BA (Boeing Company)

EPS: $(0.49) vs $(1.27) est
REV: $19.50B vs $19.43B est

CME (CME Group)

EPS: $2.80 vs $2.79 est
REV: 1.60B vs $1.64B est

TXN (Texas Instruments)

EPS: $1.28 vs $1.07 est
REV: $4.07B vs $3.91B est

IBM (International Business Machines)

EPS: $1.60 vs $1.40 est
REV: $14.54B vs $14.40B est

LRCX (Lam Research)

EPS: $1.04 vs $0.98 est
REV: $4.72B vs $4.59B est

NOW (ServiceNow)

EPS: $4.04 vs $3.84 est
REV: $3.09B vs $3.08B est

PG (Procter & Gamble)

EPS: $1.54 vs $1.53 est
REV: $19.78B vs $20.11B est

MRK (Merck & Company)

EPS: $2.22 vs $2.14 est
REV: $15.53B vs $15.31B est

What’s Happening Now

XLK SPDR Sector Technology
Tech reclaimed leadership as sector flows shift fast. After lagging nearly 15% over the last 3 months, XLK is the only sector flirting with MTD gains and leads WTD performance. At the same time, consumer names are cooling off while financials and healthcare start returning to favor. The shakeout may not be over, but the strongest names are already making their move. Watch the leaders!

NFLX Netflix
Netflix delivered a blowout quarter, and analysts are racing to catch up. Revenue rose 12.5%, EPS beat expectations, and free cash flow hit $2.6B. Most firms raised or reaffirmed their targets, with Rosenblatt leading the pack at $1,514, 38% above Friday’s close. With tariff risks mounting elsewhere, NFLX is gaining traction as a defensive tech name backed by global reach, rising ad revenue, and strong margins.

META META Platforms
Meta is up over 8% this week and may still have gas left in the tank. The stock is smack dab in the middle of a three-week pocket of seasonal strength, with next week showing a 78% win rate and an average return of 3.58% over the past decade. As tech rotation picks up and XLK leads, META looks poised to ride that momentum. Things in motion tend to stay in motion.

Believe it or not, this is just a fraction of what happened in the markets this week. For a full rundown delivered straight to your inbox every weekend, sign up for The Official Trendspider Newsletter!