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04/26/2024 |

Market Update Into April 29th: Indexes Attempt To Recover

After last week’s sharp selloff across the indexes, it was likely that a relief bounce was on the horizon, and that’s exactly what we got this week. With earnings reports from tech heavyweights like TSLA, MSFT, and GOOG leading the charge, the majors managed to make up much of what they lost last week. In other news;

While the indexes certainly had a strong week, was the action just a reversion to the mean with another leg lower ahead? Let’s dig into the charts and see what we can find.

Weekly Analysis

SPY (SPDR S&P 500)

To counter last week’s rout, the SPY ETF saw a strong relief rally, closing this week at $508.26 (+3.85%). The price stalled at the 20-day SMA, which has been a key support level since late last year. Will it remain as resistance in the weeks to come?

This is a daily chart of the SPY index.

QQQ (Invesco QQQ Trust)

After finding perfect support at the anchored VWAP from the October 2023 low, the QQQ ETF bounced strongly to close the week at $431.00 (+3.94%). The price is now retesting a key area of previous support, with the 20-day SMA in focus.

This is a daily chart of the QQQ index.

IWM (iShares Russell 2000)

Much like the QQQ, the IWM ETF found near-perfect support at the anchored VWAP from the October 2023 low and closed the week at $198.36 (+2.70%). The 20-day SMA lies just above, as does a key support/resistance flip area around $200.

This is a daily chart of the IWM index.

Earnings

This is an image of all the most important earnings results this week.

Notable Results

VZ (Verizon)

  • EPS: $1.15  vs  $1.12 est  
  • SALES: $33.00B  vs  $33.24B est

PEP (Pepsico)

  • EPS: $1.61  vs  $1.52 est 
  • SALES: $18.25B  vs  $18.08B est

LMT (Lockheed Martin)

  • EPS: $6.39  vs  $5.79 est
  • SALES: $17.20B  vs  $15.99B est

PM (Phillip Morris)

  • EPS: $1.50  vs  $1.41 est
  • SALES: $8.79B  vs  $8.47B est

RTX (Raytheon Technologies)

  • EPS: $1.34  vs  $1.23 est
  • SALES: $19.31B  vs  $18.41B est

SPOT (Spotify)

  • EPS: €0.97  vs  €0.68 est
  • SALES: €3.64B  vs  €3.61B est

GM (General Motors)

  • EPS: $2.62  vs  $2.14 est 
  • SALES: $43.00B  vs  $41.88B est

UPS (United Parcel Service)

  • EPS: $1.43  vs  $1.30 est
  • SALES: $21.70B  vs  $21.87B est

TSLA (Tesla)

  • EPS: $0.45  vs  $0.51 est
  • SALES: $21.30B  vs  $22.15B est 

V (Visa)

  • EPS: $2.51  vs  $2.44 est
  • SALES: $8.78B  vs  $8.63B est

TXN (Texas Instruments)

  • EPS: $1.20  vs  $1.08 est
  • SALES: $3.66B  vs  $3.61B est

BA (Boeing)

  • EPS: $(1.13)  vs  $(1.76) est 
  • SALES: $16.60B  vs  $16.23B est

T (AT&T)

  • EPS: $0.47  vs  $0.49 est 
  • SALES: $30.028  vs  $30.540 est

META (Meta Platforms)

  • EPS: $4.71  vs  $4.33 est
  • SALES: $36.46B  vs  $36.16B est

IBM (International Business Machines Corp.)

  • EPS: $1.68  vs  $1.60 est
  • SALES: $14.46B  vs  $14.55B est

LRCX (Lam Research)

  • EPS: $7.79  vs  $7.30 est
  • SALES: $3.79B  vs  $3.72B est

CMG (Chipotle Mexican Grill)

  • EPS: $13.37  vs  $11.68 est 
  • SALES: $2.702B  vs  $2.675B est

NOW (ServiceNow)

  • EPS: $3.41  vs  $3.14 est 
  • SALES: $2.60B  vs  $2.59B est

F (Ford Motor)

  • EPS: $0.49  vs  $0.42 est 
  • SALES: $43.00B  vs  $40.10B est

CAT (Caterpillar)

  • EPS: $5.60  vs  $5.14 est
  • SALES: $15.862B  vs  $16.216B est

GOOG (Alphabet

  • EPS: $1.89  vs  $1.51 est 
  • SALES: $80.539B  vs  $78.594B est

MSFT (Microsoft)

  • EPS: $2.94  vs  $2.82 est
  • SALES: $61.900B  vs  $60.804B est

INTC (Intel)

  • EPS: $0.18  vs  $0.14 est 
  • SALES: $12.72B  vs  $12.78B est

SNAP (Snapchat)

  • EPS: $0.03  vs  $(0.05) est 
  • SALES: $1.195B  vs  $1.120B est

TMUS (T-Mobile)

  • EPS: $2.00  vs  $1.89 est 
  • SALES: $19.594B  vs  $19.811B est

XOM (Exxon Mobil)

  • EPS: $2.06  vs  $2.20 est
  • SALES: $83.083B  vs  $78.352B est

CVX (Chevron)

  • EPS: $2.93  vs  $2.87 est
  • SALES: $48.716B  vs  $50.661B est

What’s Happening Now

QQQ (Invesco QQQ Trust)

Over the past 30 years, during election years only, the Nasdaq 100 has shown remarkable seasonal strength from May through August before uncertainty regarding election outcomes brings fear to the markets in the fall.

This is an image of the seasonality chart of the QQQ ETF.

O (Realty Income)

Realty Income REIT is viewed as a bond-like income producer, with stock price influenced by its yield. As interest rates increase, market expectations for higher distribution yields lead to lower stock prices, and unfortunately, seasonality shows the pain may continue into May.

This is an image of the seasonality chart for Realty Income.

META (Meta Platforms)

META fell over 7% last week despite surpassing earnings expectations with $4.71 EPS and $36.45B in sales. Ad impressions increased by 20% YoY. Meanwhile, Mark Zuckerberg spent all of March selling shares at peak prices.

This is an image of all Mark Zuckerberg's sales in March of 2024.

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.