Welcome to the Weekly Market Update!
Welcome to this week’s edition of the Weekly Trading Insight! As we navigate through a dynamic market landscape influenced by technological advancements and key economic indicators, our aim is to equip you with the necessary insights to make informed trading decisions. This week, we delve into the latest market data, highlight significant trends, and identify opportunities that lie ahead.
Market Recap
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US 30: Closed at 40,017.50, up by 263.8 points or 0.66%.
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US 500: Ended the week at 5,616.10, up by 31.6 points or 0.57%.
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Dow Jones Industrial Average: Increased to 40,000.90, up by 247.15 points or 0.62%.
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S&P 500: Finished at 5,615.35, up by 30.81 points or 0.55%.
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Nasdaq Composite: Closed at 18,396.98, up by 113.58 points or 0.62%.
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S&P 500 VIX: Remained unchanged at 12.46, showing no movement.
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Dollar Index: Decreased to 103.77, down by 0.361 points or 0.35%.
Feature Analysis: Market Implications of Trump Assassination Attempt
Former President Donald Trump survived an assassination attempt during a rally in Pennsylvania. The incident, where Trump sustained a minor injury, has led to a surge in market speculation about his potential return to office. Investors anticipate increased market activity, drawing parallels to historical events where political figures’ fortunes influenced market trends. The assassination attempt is expected to impact the presidential race and market dynamics in the coming weeks.
Trading Strategies and Ideas
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S&P 500 Equal Weight Index: The recent rally in the S&P 500 Equal Weight Index suggests the potential beginning of the “great rotation” trade. Last week’s price action broke a pennant pattern to the upside, resulting in a ~3% gain over three days. This sets the SPXEW up for a possible test of its all-time closing high of 6,875 from March 28th. Despite being overbought in the near term, breaking above 6,875 could further fuel the rotation trade. Near-term technical outlook: slightly bullish.
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Nasdaq 100 Index: The Nasdaq 100 Index continues to show momentum in the tech sector but hit an overbought breaking point, experiencing its largest one-day drop since mid-April. While today’s recovery is notable, a further pullback to the 20-day Simple Moving Average (SMA), currently ~2% below current levels, would represent healthy consolidation. Additionally, a negative divergence in the RSI indicates caution. Upcoming earnings from ASML, TSM, and NFLX next week will likely impact price action in the NDX. Near-term technical outlook: slightly bearish.
Upcoming Events to Watch
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Tuesday (July 16): Business Inventories, Export Prices, Import Prices, NAHB Housing Market Index, Retail Sales
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Wednesday (July 17): Building Permits, Capacity Utilization, EIA Crude Oil Inventories, Housing Starts, Industrial Production, MBA Mortgage Applications Index
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Thursday (July 18): Continuing Claims, EIA Natural Gas Inventories, Initial Claims, Leading Indicators, Net Long-Term TIC Flows.
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Remember to stay informed, adapt to market conditions, and focus on disciplined trading practices. Your success is our top priority, and we’re here to support your journey.
Disclaimer
This newsletter is for informational purposes only and does not constitute financial advice. Always do your own research and consider consulting a financial advisor.
Thank you for reading! Wishing you successful trades ahead!
