Stocks Are Tight Ahead Of Earnings, FOMC, and Jobs Data
Stocks Are Tight Ahead Of Earnings, FOMC, and Jobs Data
Monday Market Update April 29, 2024
The Markets
This will be the busiest week of the earnings season.
AMZN, AMD, and AAPL all report this week. On Wednesday, we have Jerome Powell and the latest Fed Rate Decision. On Friday, we’ll cap it off with Nonfarm Payrolls.
None of these events are “The Most Important Economic News Ever,” but each will have the potential to move markets while dictating direction and magnitude. So if you’re active, it’s a good idea to pay attention.
For the longer-term investors, this news will likely be only a footnote.
The Charts
SPY is firmly undecided as it camps out in the middle ground between the 8 and 21-day MAs ahead of the coming Fed announcement.
QQQ is doing the same, closing the day on the 21-day MA.
IWM has the 8, 21, and 100-day MAs and the YTD anchored VWAP very close by.
DIA is also very tight and on its 21-day MA.
TLT may have found a short-term bottom. It’s over the 8-day MA but still has plenty of potential resistance above. Most notable is the downtrend line near $93-$94.
DXY US Dollar futures continue to work on a potential bull flag as the 21-day MA catches up to price.
BTCUSD is moving slowly, sideways, and lower on low volume.
The Trade
The trade hasn’t changed too much from last week. We continue to monitor levels in both directions as the short-term trend is undecided. Doing a bit less with smaller positions still makes sense.
The event catalysts mentioned above have the potential to ignite a stronger directional move.
Ready and waiting.
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The Disclosures
***This is NOT financial advice. This is NOT a recommendation to buy, sell, or trade any security. The content presented here is intended for educational purposes only.
Andrew Moss is an associated member of T3 Trading Group, LLC (“T3TG”), an SEC-registered broker/dealer and member of FINRA/SIPC. All trades placed by Mr. Moss are done through T3TG.
Statements in this article represent that person’s opinions only and do not necessarily reflect those of T3TG or any other person associated with T3TG.
Mr. Moss may hold an investment position (or may be contemplating holding an investment position) that is inconsistent with the information provided or the opinion being expressed. This may reflect the financial or other circumstances of the individual, or it may reflect some other consideration. Readers of this article should consider this when evaluating the information provided or the opinions being expressed.
All investments are subject to the risk of loss, which you should consider in making any investment decisions. Readers of this article should consult with their financial advisors, attorneys, accountants, or other qualified investors before making any investment decision.
POSITION DISCLOSURE
April 29, 2024, 4:00 PM
Long: AMD0503C167.50, AMZN0503C190, GOOGL0503C175, IMNM, PENN0503C18, SNAP, VKTX0419C80
Short:
Options symbols are denoted as follows:
Ticker, Date, Call/Put, Strike Price
Example: VXX1218C30 = VXX 12/18 Call with a $30 strike