The Stock Market Super Bowl
The Stock Market Super Bowl
Monday Market Update - January 29, 2024
The News
This will be the busiest week of the quarter, starting tonight with SMCI earnings.
The company pre-announced preliminary results earlier this month, and the news sent the stock screaming higher.
This evening, they will report the actual numbers, and the focus will likely be on how they guide.
Do they expect the growth to continue?
If so, at what rate?
With the stock up so much already, the news will have to be very good to keep it there.
The Markets
Here’s the rest of the calendar.
AAPL, AMD, AMZN, GOOGL, META, MSFT and QCOM all report.
FOMC on Wednesday
ADP Employment
Jobless claims
Nonfarm Payrolls
Stocks are up
The “Fear and Greed” is high
Will the news be good enough?
-From CNN Business
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The Charts
SPY continues higher, pushing up on the Bollinger Bands and driving RSI further into overbought territory. The trend is strong, with prices extending further beyond the short-term moving averages.
QQQ nearly tested the 8-day MA on Friday, so it’s not as extended.
IWM stacks on another breakout as the small caps begin to catch up.
DIA gets more new highs as the RSI ticks slightly over 70.
TLT Bonds moved higher and into the 50-day MA while trying to breakout of the box.
DXY DX1! US Dollar futures continue to be mostly rangebound.
BTCUSD added to Friday’s strength to get back over the 21 and 50-day MAs.
The Closing Bell
It’s a busy start to a busy week. With much more to come!
Follow on X - @Andy__Moss for updates along the way.
More to come in Thursday’s Market Update.
PS -
I was on Lead Lag Live today with host,
. We discussed Small Caps, market breadth, potential caution signs, some trading psychology, and more. You can listen to the replay on X (click the image below). Or, if you prefer, the podcast version will be out on Spotify, YouTube, etc, very soon.Click
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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
January 29, 2023, 4:00 PM
Long:
Short:
Options symbols are denoted as follows:
Ticker, Date, Call/Put, Strike Price
Example: VXX1218C30 = VXX 12/18 Call with a $30 strike