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Things are starting to look a little dicey for the bulls, with all three major indexes putting in their second straight week of red candles. The small caps led the charge lower while the SPY managed to contain its losses, but the move off the October lows has been undeniably powerful, and perhaps some rest is needed in the markets in the weeks to come. In other news;

Let’s dig into the highlights across the markets, from index performance to notable earnings and what’s happening now!

Weekly Analysis

SPY (SPDR S&P 500)

This week, the SPY ETF put in a second red reversal candle in a row and closed at $509.83 (-0.37%). This is the first time this index has seen two red weeks in a row since the October lows, suggesting that perhaps a pullback is in store in the weeks to come.

This is a weekly chart of the SPY index.

QQQ (Invesco QQQ Trust)

Much like the SPY ETF, the QQQ ETF has also put in its second red candle in a row and closed the week at $433.92 (-1.16%). Also like the SPY, a pullback similar to last July would put this index back at the 2021 high.

This is a weekly chart of the QQQ index.

IWM (iShares Russell 2000)

After last week’s Doji reversal candle, the IWM ETF continued its push lower to close the week at $202.41 (-2.14%). Of particular concern is the rounding top visualized on the Momentum indicator, a correlation seen on the past three swing highs since June 2022.

This is a weekly chart of the IWM index which shows a rounding top on the momentum indicator, similar to what has happened the past three swing highs that were made.

Earnings

Notable Results

DKS (Dicks Sporting Goods)

EPS: $3.85 vs $3.35 est.
SALES: $3.876B vs. $3.7961B est.

DLTR (Dollar Tree)

EPS: $2.55 vs. $2.65 est.
SALES: $8.63B vs. $8.67B est.

DG (The Dollar General)

EPS: $1.83 vs $1.76 est.
SALES: $9.86B vs. $9.78B est.

ONON (On Holdings)

EPS: $0.06 vs. $0.11 est.
SALES: $504.23M vs. $510.19M est.

ASAN (Asana)

EPS: $0.04 vs. $0.10 est.
SALES: $171.1M vs. $167.67M est.

ORCL (Oracle)

EPS: $1.41 vs. $1.38 est.
SALES: $13.300B vs. $13.306B est.

ULTA (Ulta Beauty)

EPS: $8.08 vs. $7.53 YoY
SALES: $3.55B vs. $3.53B est.

ADBE (Adobe)

EPS: $4.48 vs. $4.38 est.
SALES: $5.180B vs. $5.143B est.

CLOV (Clover Health)

EPS: $0.15 vs. $0.14 est.
SALES: $510.25M vs. $480.25M est.

PATH (UiPath)

EPS: $0.22 vs. $0.16 est.
SALES: $405.25M vs. $383.83M est.

What’s Happening Now

MSTR (Microstrategy)

MicroStrategy acquired 12,000 additional bitcoins for $821.7M and has offered $500M in convertible senior notes due in 2031 to purchase even more. At the same time, co-founder Michael Saylor has been selling shares at a record pace after a 152% YTD rally.

This is an image showing all of Michael Saylor's recent sales in MSTR stock, mentioned above.

BA (Boeing)

Boeing is currently facing a series of incidents involving the company’s planes, contributing to a -27% YTD drop in price. Adding insult to injury, seasonality data indicates that the upcoming week represents Boeing’s weakest performance period annually, averaging a -2.67% return since 2005.

This is an image of the BA seasonality chart discussed above.

ORCL (Oracle)

Oracle received over ten buy ratings after beating Q3 earning expectations and raising forward-looking guidance. The company also reported it has secured some big cloud contracts driven by AI demand that is not shown in its current performance, hinting at unrecognized growth potential.

This is an image showing all of the recent analyst estimates for ORCL, discussed above.

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!