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03/22/2024 |

Market Update Into March 25th: Rising Wedges and Bullish MACD Crosses

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:

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.

This is a daily chart of the SPY index.

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.

This is a daily chart of the QQQ index.

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.

This is a daily chart of the IWM index.

Earnings

This is an image of all of the earnings data discussed below.

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.

This is an image of the QQQ's seasonality chart.

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.

This is an image of the seasonality chart for the XLE ETF.

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.

This is an image showing all of the analysts who upgraded MU this week.

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!