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Amazon Eyes Rare Moving Average Cross
Happy Easter! The markets have enjoyed a nice long weekend, and I hope you have too.
MARKET RECAP
Markets Have Best 1st Quarter Performance in 5 Years
SPY Daily Chart
The S&P 500 just closed quarter 1 with its best performance since 2019. SPY never broke the 21 ema as it just rode the 8 ema to new highs nearly every week. Right now it just seems like the market is incredibly resilient and will recover from anything that gets thrown at it.
Aside from the S&P 500 closing at fresh highs, this week was a pretty quiet week with the markets closed Friday for Easter. The PCE Inflation report, which is the feds preferred inflation gauge, rose 2.5% year-over-year in February and is more in line with what the Fed wants to see. It will be interested to see how investors react to this data after digesting it over the long weekend.
TRENDWATCH
Amazon Eyes Rare Moving Average Cross
Amazon’s 50 moving-average (purple line) is about to cross the 200 moving-average (blue line) on the weekly chart. On the daily chart, this is referred to as a “golden cross” and is historically followed by a bull run. On the weekly, this is very rare and usually results in a rise in stocks over a longer period of time. I love the position Amazon is in currently and I will be following their stock closely over the next few years.
Last Weeks Trend: AMD
Last week I pointed out AMD as my trend watch to see how it would respond to the 50 ma. The stock broke through the critical moving average line this week and is riding just beneath it. The 21 ema is nearing a cross with the 50 ma, so I will continue keeping my eye on it.
In the News
✈️ Boeing CEO steps down in response to the company’s recent struggles
🍩 Krispy Kreme and Mcdonalds announce partnership, sending the donut company’s stock upward.
🔔 Trump’s social media platform, Truth Social, went public and had a wild week.
🚔 Sam Bankman-Fried gets sentenced to 25 years behind bars for financial fraud.
UPCOMING WEEK
March Job data will be the highlight this week, with most eyes looking towards the jobs report on Friday. Jerome Powell speaks on Wednesday.