Another big week has come and gone as the indexes continue their push higher and there was quite a bit to be excited about.
- NFLX announced blockbuster earnings that sent the stock soaring
- META rejoined the $1T market cap club
- GOOGL hit new all-time highs
- Many small caps appear to be starting their climb out of multi-year bases
That said, there were some rough spots. Most notably, TSLA‘s double miss, which caused the stock to gap down 10% on Thursday. We now find ourselves once again at ‘Extreme Greed’ levels per the Fear & Greed Index, and not a moment too soon, as next week ushers in earnings announcements from AAPL, AMZN, META, GOOGL, and MSFT. That’s 70% of the Mag 7, y’all. Let’s dig into the charts!
Weekly Analysis
The SPY ETF closed the week at $487.41 (+1.03%), continuing its move out of the rising wedge and putting in a weekly high just shy of the 1.618 Fibonacci extension measured from the July 2023 high to the October 2023 low.
After several weeks of strong performance, the QQQ ETF took a bit of a breather this week closing at $423.81 (+0.62%). With the measured move complete, we see a weekly doji candlestick and bearish divergence on RSI.
With a powerful gap up to start the week, the IWM ETF was the strongest performer of the group, closing at $195.98 (+1.85%). Price now struggles where it has many times over the past year, at the 150-week SMA.
Market Update Into September 7th: Inflation Data Incoming