Here is a quick recap of Markets for the Week of April 26th, 2024 and what we are watching this week

Some rebound action after a soft start to the month

S&P 500 +2.7% 

Nasdaq Composite +4.2%

Dow Jones Industrial Average $DJI +0.7%

Upside bias was fueled by favorable responses to earnings from some influential names, calm price action in Treasuries, and carryover momentum as gains built up this week.

Here are the key points from last week:

• Mega Cap Earnings 📈 - positive earnings reaction from Microsoft (MSFT) +1.8%, Alphabet (GOOG) +11.5%, Tesla (TSLA) +14.4% shifted the weak market sentiment. Meta Platforms (META) -7.9% and Intel (INTC) -6.78% were the lone exceptions.

• Advance Q1 GDP Report - showed weaker growth and higher inflation.

• March Personal Income and Spending - report showed solid spending activity but stalled progress on inflation. Supporting the higher rates for longer camp.

$SPY: S&P 500 had a decent +2.7% bounce as we wrote to look out for last week.

Now is it a dead cat bounce or will we actually see follow through the next 2-3 weeks, only earnings will tell. Stay tuned to see what we are looking for.

The FED are expected to leave rates unchanged with a return to hawkish tone from Chairman Powell due to the stubborn inflation data. 🙉

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I do a weekly Markets analysis every Monday at 8:30pm EST via zoom for the Ceni Capital Community This week, I will speak about this market bounce and what I am watching for a meaningful rally to set up, stocks reporting earnings this week and charts I am watching for potential Swing Trades.

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🚘 $TSLA: Tesla from our watchlist gave us a +14% or $20pt move tagging 2 of our price targets we wrote about last week.

 $META: Meta Platforms gave us a 11.7% or $55pts move down after earnings which we warned about here last week.

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🚨Watchlist 👨‍🏫

$AMZN: Amazon is set to report earnings on Tuesday, it broke its steep rising channel 2 weeks ago and got a dead cat bounce last week.

Wall Street expects Q1 EPS .84c on $142.63 billion revenue.

💾$AMD: AMD is also reporting earnings on Tuesday. It’s down 30% from its highs in early March and the weakest semiconductor out of the sector.

Wall St expects EPS of .62c and $5.48 billion revenue.

AMD is in a steep downtrending channel and at a critical level if it wants to set up for any kind of meaningful rally.

🍎 $AAPL: Apple is set to report earnings on Thursday down 13.50% from its January highs. With a lot of negative sentiment going into to this earnings, can they surprise with any news ahead of its AI event May 7th.

Wall Street expects EPS of $1.50 with $90.34 billion revenue, a y/y decline in earnings on lower revenues.

$COIN: Coinbase has been on quite a rally +235% since November. It has been consolidating really since the beginning of March. Expectations are for a big beat, this week may decide if its next leg is ready to start.

Wall Street is expecting EPS of .89c a significant 493.33% increase from the same quarter last year. Revenue is expected to be $1.2 billion, showing a +55.5% growth compared to the year-ago quarter.

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