Despite the appearance of a weakening market last week, Jerome Powell’s dovish stance at the FOMC meeting on Wednesday reignited the bulls’ fervor, pushing both the SPY and the QQQ back to new all-time highs, once again. Though the FOMC was the hot topic of the week, some other really important things happened:
- The DOJ Sues Apple
- CMG 50:1 stock split
- Biden grants Intel up to 20B
- BOJ hikes rates for the first time in 17 years
Below, we’ll discuss the technical setups across the index ETFs, dig into notable earnings results from this week, and highlight some of the most interesting data points you need to know for the week ahead!
Weekly Analysis
SPY (SPDR S&P 500)
Closing the week at $521.21 (+2.23%), the price continues to consolidate higher into the apex of the rising wedge. The bullish MACD cross above the zero line suggests this period of consolidation could be coming to a close soon.
QQQ (Invesco QQQ Trust)
Despite the weak start, tech was the top gainer this week, closing at $446.38 (+2.87%). Much like the SPY, bullish traders will be looking for the MACD cross to push this index out of its multi-week range in the sessions to come.
IWM (iShares Russell 2000)
Though they underperformed this week, the small caps still managed to put in some work to the upside, closing at $205.07 (+1.31%). An important move seems imminent, as the price appears to be just days away from reaching the apex of the rising wedge.
Earnings
Notable Results
NKE (Nike)
- EPS: $0.98 vs $0.74 est
- SALES: $12.43B vs $12.28B est
FDX (FedEx)
- EPS: $3.86 vs $3.45 est
- SALES: $21.70B vs $22.04B est
LULU (Lululemon)
- EPS: $5.29 vs $4.97 est
- SALES: $3.205B vs $3.194B est
CHWY (Chewy)
- EPS: $0.18 vs $(0.04) est
- SALES: $2.830B vs $2.794B est
MU (Micron)
- EPS: $0.42 vs $(0.25) est
- SALES: $5.820B vs $5.342B est
PDD (PDD Holdings)
- Earnings Per ADS: $2.40 vs $1.60 est
- SALES: $12.52B vs $11.01B est
XPEV (XPeng)
- Earnings Per ADS: $(0.28) vs $(0.46) est
- SALES: $1.84B vs $1.86B est
GIS (General Mills)
- EPS: $1.17 vs $1.05 est
- SALES: $5.10B vs $4.96B est
ACN (Accenture)
- EPS: $2.77 vs $2.66 est
- SALES: $15.80B vs $15.84B est
BNTX (BioNTech)
- EPS: $2.04 vs $2.64 est
- SALES: $1.59B vs $1.99B est
What’s Happening Now
QQQ (Invesco QQQ Trust)
Can the Nasdaq keep the party going? Seasonality says yes. Over the last two decades, QQQ has performed its best during next week’s trading session, averaging a positive 1.47% return with a 78% chance of closing the week green.
XLE (SPDR Select Sector Fund)
After a weak outing in 2023, energy stocks are displaying signs of life as we approach the month of April, which stands out for the Energy Select Sector, showcasing a historical 70% success rate and an average +4.38% return over the past 20 years.
MU (Micron)
Micron blew past both top and bottom line expectations in Q2 and now joins the ranks of NVDA & SMCI as the next big beneficiary in the AI race. However, Wall Street was without consensus as a lone sell rating stands from Morgan Stanley with a $98/share target.
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!
