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- S&P 500 Stays in Upward Trend after Flat Week
S&P 500 Stays in Upward Trend after Flat Week
Happy Sunday and Memorial Day Weekend! I hope you are enjoying this long weekend of good weather.
MARKET RECAP
S&P 500 Holds Above the 8 EMA after Flat Week
SPY Daily Chart
The market closed Friday right where it started on Monday after a relatively slow week. Stocks tried to lift on Thursday after Nvidia’s strong earnings report, but quickly reversed for the markets worst day on the week. Stocks bounced back on Friday to close back above the 8 ema as the technicals show that we are still in an uptrend.
Nvidia broke through $1,000/share after bringing in $26.04 billion in revenue, more than the $24.65 billion expected. The company’s expected sales for the current quarter also outpaced Wall Street expectations. Nvidia also raised its dividend by 150% and announced a 10-to-1 stock split. The dominant growth that Nvidia has displayed doesn’t look to be slowing down as AI continues to shape the future of the world.
TRENDWATCH
Apple Tries to Remain in Upward Trend
Apple has had a strong couple of weeks after its earnings report in early May. Although the earnings report wasn’t particularly great, their massive $110 billion buyback gapped the stock up over the 50 ma and has been rising ever since. The stock now sits right at the 8 ema, I am keeping my eye on this to see if it can hold above and keep its upward momentum.
Last Weeks Trend: AMD
Last week I pointed out AMD as my trend watch to see how if it could break through the 50 ma. The stock had a very volatile week, trying to ride the coat tails of Nvidia earnings on Thursday but reversed downward over 7%. A bounce-back session Friday let the stock close above the 50 ma, however I would still like to see a couple more closes above the 50 ma and see the 8 and 21 emas to cross before I would consider this in a technical upward trend.
In the News
🏠️ Home sales slipped for second straight month.
🛒 Target drops over 8% on Wednesday after earnings miss estimates.
👕 Lululemon shares drop nearly 10% this week after departure of key executive. The stock now down 40% on the year.
UPCOMING WEEK
The markets will be closed on Monday in observance of Memorial Day. It will be a quiet week on the news front. Costco will lead the way with this weeks earnings reports, posting their earnings on Thursday.
Most of investors eyes will look towards the PCE Report on Friday, which is the Feds preferred inflation guage.