Here is a quick recap of Markets for the Week of April 19th, 2024 and what we are watching this week

Another rough week for stocks 🥴

The Russell 2000 fell 2.8%

The S&P 500 declined 3.1%

Nasdaq Composite registered a 5.5% loss

The Dow Jones Industrial Average settled unchanged on the week.

The downside bias was related to rising treasury rates with Fed officials suggesting they are in no hurry to cut rates and geopolitical tensions as Israel responds back attacking Iran after last weekend.

Here are the key points from last week:

• Semiconductors 📉 - which have led the market higher so far this year, got a sharp reevaluation. The PHLX Semiconductor Index (SOX) sank 9.2%. ASML -10.6% and TSMC -10.4% were standout losers after reporting earnings. Even the goat NVIDIA couldn't withstand the blow -13.6%

• Treasury yields - The 2-yr note yield settled nine basis points higher at 4.97% and the 10-yr note yield settled 12 basis points higher at 4.62%.

• Israel attacked Iran - although like Iran's attack last weekend, Israel's response did not produce significant damage.

• Weak Earnings sentiment - earnings season continues to be a sell the news event. Netflix (NFLX) reported decent numbers however sold off 9% after announcing they will stop reporting quarterly subscribers which alarmed some investors. United Airlines (UAL) and United Health Group (UNH) were the 2 standouts bucking the trend.

$SPY: S&P 500 sold off sharply last week, now down -5.5% from it’s all time highs.

It is getting into oversold territory in the short-term so we are looking for a bounce this week.

Earnings from the headliners will determine if it’s a dead cat bounce or something more meaningful.

What is on your shopping list now that markets pulled back 5%?

I do a weekly Markets analysis every Monday at 8:30pm EST via zoom for the Ceni Capital Community This week, I will be speaking about a potential market bounce setting up, headliners reporting earnings and stocks I am watching for Swing Trades.

If you are interested in making your money work for you by getting our swing trade alerts ahead of time, reply back or comment “Swing Trade” below for more information.

💰$SPXS: as the S&P 500 has been pulling back the last 2 weeks we have been trading SPXS call options to capitalize on the selloff.

Click below to see the video explaining this market pullback we did for premium members back on April 8th prior to the selloff. (Starts at the 5:20 mark)

Comment below or message us if you are interested in getting premium access and live notifications on our trading setups.

 $NFLX: Netflix gave us a $53pts or 8.8% move down after earnings which we warned about here last week.

If you are interested in getting our swing trade alerts ahead of time, reply back or comment Swing Trades below for more information.

🚨Watchlist 👨‍🏫

🚘 $TSLA: Tesla the worst tech performer YTD -40% is reporting earnings on Tuesday with an extremely bearish sentiment going into it, a decent bounce may be setting up. 🧐

Tesla has cut prices in recent weeks to attract customers, amid concerns that electric vehicles have been too expensive, yet it’s Q1 deliveries still fell short of Wall Street's modest expectations.

Investors are eager to hear the strategy going forward, product roadmap, and Musk overall vision for the rest of 2024.

$META: Meta Platforms is set to report earnings on Wednesday and with a similar chart setup as Netflix last week may give a +/- 10% move.

Wall Street expects Q1 EPS $4.33 on $36.2 billion revenue and forecasts ad revenue rising 26% to $35.5 billion from a year ago.

$MSFT: Microsoft has been one of the best performing Mag7 until last week, when it could not withstand the intense selling pressure.

Is this a discounted dip buy opportunity?

 Microsoft is set to report earnings on Thursday. Shares have seen a +9.5% increase this year and a +44% surge over the last 12 months. This growth is largely attributed to the company's initiatives in generative artificial intelligence (AI), including investments in OpenAI, the parent of ChatGPT, and AI improvements for Copilot.

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