Author: OptimizedValue

SPY, the SPDR S&P 500 ETF gained +5.67% last week, while the VIX closed the week out at 37.56, indicating an implied one day move of +/-2.37% & an implied one month move of +/-10.86%.

Their RSI is trending towards the neutral 50 level, sitting currently at 44.42, while their MACD is bearish, but approaching the signal line & the histogram is waning.

This isn’t indicative of a bullish crossover with strength on the horizon though, especially given that SPY’s 50 day moving average is poised to bearishly break through their 200 DMA forming a death cross by Wednesday.

Volumes were +230.5% higher than the previous year’s average (184,900,000 vs. 55,944,960), which is also cause for concern, as while Wednesday’s squeeze play resulted in a great deal of advancing volume, there’s still a significant amount of outflows for SPY & the other index ETFs.

Monday opened on a gap down & went as low as $481.80/share during the session, before rallying back to break above the $520/share level temporarily & close higher on the day at $504.38/share, which was higher than it opened.

Volumes that day were pronounced, which makes sense given the range that the day covered & the profit taking/pumping for later in the week that was taking place.

Tuesday SPY opened on a gap up & again made a run at the $525/share level, but was unable to find the footing & wound up closing for a decline on the session

Wednesday saw a major spike in both price & advancing volume for SPY, as a gap down open recovered to rally back +10.5% on the day, due to a whipsaw caused by tariff talk & the March FOMC minutes.

While the day’s volume was certainly high, it is not enough to constitute the consistent high volume SPY needs to form a base & while it can be enjoyed, it is not a signal that all has recovered & to be bullish.

The bullish engulfing candle did manage to break above & close above the 10 day moving average’s support, which hadn’t happened in weeks.

Along came a bearish harami pattern with Thursday’s session though, where elevated volumes led to a decline.

Thursday’s lower end of the day’s range is something to be concerned about, as it temporarily dipped below the $510/share level before recovering to close at $524.58/share, indicating that there is still a lot of bearish sentiment in the market.

Mixed signals continued into the weekend, as Friday’s session closed with a +1.78% gain, just a hair above the 10 day moving average’s support, but on less than half of the volume that Wednesday’s advancing session had, so there is no consistent elevated bullish volume sentiment, despite two bullish days.

Heading into this week the bullish case stays the same as it has over the past month now, without substantial, consistent higher advancing volumes there is unlikely to be a base formed where SPY can take off from to rally higher.

Should we see higher levels of consistent participation in the market on advancing days then we can begin to look at resistance levels being tested & broken, but for now we’re not set up for that yet.

What is more likely to happen is there will be some consolidation & oscillation around the 10 DMA, until the death cross of the 50 & 200 DMAs takes place, at which point we see some support levels tested.

The consolidation would likely remain within the wide range of Wednesday’s candle (10.5% is a lot of wiggle room, granted), while any downside moves will be interesting, as Buyers have historically liked the price level that SPY is in now & its next two support levels, but if we break down through those we enter Seller territory again, as shown below.

SPY has support at the $533.49 ( 10 Day Moving Average, Volume Sentiment: Buyers, 2.67:1), $532.41 (Volume Sentiment: Buyers, 2.67:1), $505.48 (Volume Sentiment: Sellers, 1.2:1) & $487.56/share (Volume Sentiment: Sellers, 1.1:1) price levels, with resistance at the $534.38 (Volume Sentiment: Buyers, 2.67:1), $548.03 (Volume Sentiment: Buyers, 1.44:1), $548.62 (Volume Sentiment: Buyers, 1.44:1) & $549.67/share (Volume Sentiment: Buyers, 1.44:1) price levels.

QQQ, the Invesco QQQ Trust ETF advanced +7.51%, as the tech-heavy index was the favorite among the major four for the week.

Their RSI is climbing towards the neutral 50 mark, while the MACD looks primed to cross the signal line bullishly by Tuesday, but given their volume situation it may be more of a temporary dolphin jump for air than an actual bullish move.

Volumes were +305.92% above the prior year’s average level (113,310,000 vs. 37,039,286), which like SPY’s has a lot of questions to be asked about it, particularly as they both have seen similar performance, but with different volume trends.

QQQ’s past week also closely resembled SPY’s across the board, leading off on Monday with a gap down that tested as low as $402.39/share where it found support to bounce from & test higher to above the $440/share level & to close higher than it opened on the day at $423.69/share.

This occurred on the week’s highest volume, which is important as the day covered a wide range of prices, so it shows market participants were highly engaged & that the day wasn’t just fluff tape.

Tuesday opened on a gap up, tested higher to about Monday’s high & it all went south from there, quickly, leading to declines on the week’s second lowest volume, but still still ~2x the prior year’s average, indicating that there was a lot of risk-off sentiment to bag up Monday’s gains.

Wednesday mirrored SPY’s performance to a degree, where the second highest volume session of the week broke above the short-term trend line to close above $465/share.

What’s troubling about it though is that Thursday’s session produced a bearish harami pattern with a long lower shadow as well that showed support really wasn’t until the $432.63/share level & that the short-term trend line will likely not hold up.

Friday brought along a bullish engulfing candle, but on volume so weak that it was hardly a drop in the bucket compared to the previous four days (it was ~50% of the second lowest session’s volume).

Like SPY, QQQ’s upside story lies solely in what happens when they get some sustainable higher volume, which doesn’t look like it’s going to happen anytime soon still, particularly with their 50 & 200 DMA’s set to death cross by Tuesday.

While some might say Monday was a major volume spike that could signal a reversal, there is not yet enough confirmation, and the rest of their chart & data don’t suggest that confirmations coming just yet.

Their death cross-over is coming between today & tomorrow, which will apply downward pressure on QQQ, along with potential bad news coming from earnings reports (Tuesday features a handful of names that while not in the NASDAQ, may cause problems wider-spread).

It’s likely we see QQQ consolidate within the confines of Wednesday’s candle’s range while oscillating around the 10 DMA, like we’ve been expecting most weeks over the past month+.

Downside breakdowns will get interesting, particularly when you reference the support level Buyer:Seller sentiment in the table & paragraph below.

This doesn’t look like we’re near out of the woods just yet, and the $402.39/share level has now become a new area of focus should it be tested, as its the lowest 1 year support level, a freshly established level & volume has really turned up since it was tested, indicating that there’s fish biting around there.

Whether we actually sink that far is still TBD, but again, when the fish are biting that aggressively, its usually a sign that that’s going to be a place to keep your eyes on.

It’s also worth referencing the Volume Sentiment table for QQQ, as well as SPY, IWM & DIA when looking at these volume levels for historical context.

QQQ has support at the $449.74 (10 Day Moving Average, Volume Sentiment: Buyers, 1.17:1), $446.18 (Volume Sentiment: Sellers, 3:1), $440.36 (Volume Sentiment: Buyers, 3.27:1) & $421.55/share (Volume Sentiment: Sellers, 1.5:1) price levels, with resistance at the $457.78 (Volume Sentiment: Sellers, 1.94:1), $465.74 (Volume Sentiment: Buyers, 2:1), $467.83 (Volume Sentiment: Buyers, 2:1) & $473.41/share (Volume Sentiment: Sellers, 1.19:1) price levels.

IWM, the iShares Russell 2000 ETF climbed +1.75%, as market participants squeezed into the small cap index heavily on Wednesday, setting the stage for weekly gains.

Their RSI is chopping back towards the neutral 50 mark, sitting currently at 38.6, while their MACD is flat.

While their MACd histogram is waning, they’ve got a lot of trouble under the hood given the nature of how small cap names will move in relation to their larger peers & the volume trends noted above.

Volumes were +162.43% above the prior year’s level (78,654,000 vs. 29,971,786), which is an interesting thing to note as IWM & DIA have relatively moved decoupled from SPY & QQQ who move in similar fashions to one another, but the lack of an idea as to where the market is going right now seems to have impacted everyone from the small caps to the blue chips.

Monday the week began on uncertain, but negative terms, as a gap down open was able to muster up a higher close, but the upper shadow of the day’s candle broke above the $190/share level on the second highest volume of the week.

Tuesday opened on a gap higher, but quickly showed that there was a bit our sour sentiment out & prices declined rapidly to show appetite below the $172.50/share level, but closed above it.

Wednesday followed SPY & QQQ’s lead, seeing a major influx of volume that accounted for the week’s highest level, but IWM was rejected by their 10 DMA’s resistance & closed below it, a major bearish signal.

Thursday’s menu included bearish harami candles with long lower shadows indicating that there was still a bit of downside appetite that needed to be examined.

Friday continued this with a gap down open that retraced most of Thursday’s lower range, but ultimately there was a small rally into the weekend hat resulted in a +1.46% advance for the day.

It should be noted though that this came on very weak volume, indicating that there was more of a pump/head-fake going into the weekend vs. some actual bullish sentiment.

IWM suffers from the same bullish case as the two aforementioned index ETFs, there’s no volume for a base case to be built upon & there’s a lot of sentiment troubles they’ll be faced with in the near-term as well.

In the meantime expect a similar consolidation as to what’s described above as we see what guidance changes from earnings calls change broader market sentiment.

One area of caution with IWM; there is only one support price level from their one year chart & the other 3 of the top 4 are from the two year chart.

While that isn’t a big deal given the data on sentiment below covers all of these areas, it is something to consider in the near-term, as many of these levels could have fallen out of favor over time & it should be approached with caution heading into the next few weeks.

IWM has support at the $177.61 (2 Year Chart, Volume Sentiment: Buyers, 1.8:1), $171.73 (Volume Sentiment: Buyers, 1.84:1), $164.61 (2 Year Chart, Volume Sentiment: Sellers, 1.4:0*) & $158.85/share (2 Year Chart, Volume Sentiment: NULL, 0:0*) price levels, with resistance at the $188.26 (10 Day Moving Average, Volume Sentiment: Buyers, 1.32:1), $189.17 (Volume Sentiment: Buyers, 1.32:1), $195.01 (Volume Sentiment: Buyers, 1.47:1) & $195.56/share (Volume Sentiment: Buyers, 1.47:1) price levels.

DIA, the SPDR Dow Jones Industrial Average ETF added only +4.88% last week, as the blue chip index was the second least favored of the major four index ETFs.

Their RSI is at 44.86 trending higher towards the neutral 50 mark, while their MACD is trending towards the signal line with its histogram waning,

Volumes were +144.91% above the prior year’s average level (8,054,000 vs. 3,288,492), which like the aforementioned examples isn’t exactly a vote of confidence.

DIA’s week was highly similar to the three above examples & as a result it’s really not worth diving into deeply, given the blue chip index has been the most resilient of the bunch over the past few years.

The same issue apply, we can’t form a base to spring upward from without an increase in advancing volume, and last week was still most declining volume.

DIA has the safest chart from a support perspective, but when all’s breaking down it’s not necessarily something to be bragging about…

My eyes are peeled for the $366.32 support level, it’s where over the past ~4-5 years Buyers have stepped in strongly, but it’s the most recent support level & coincidentally the lowest on their one year chart… not inspiring in the least & as such it’s worth watching this week for a test & a potential breakdown, as if it breaks down it’s going to be a harbinger of more big issues to come.

DIA has support at the $400.97 (10 Day Moving Average, Volume Sentiment: Buyers, 1.22:1), $396.59 (Volume Sentiment: Sellers, 1.75:1), $395.11 (Volume Sentiment: Buyers, 2.33:1) & $393.57/share (Volume Sentiment: Buyers, 2.33:1) price levels, with resistance at the $406.47 (Volume Sentiment: Buyers, 3.17:1), $407.35 (Volume Sentiment: Buyers, 3.17:1), $413.42 (Volume Sentiment: Sellers, 3.75:1) & $416.93/share (Volume Sentiment: Buyers, 1.63:1) price levels.

The Week Ahead

Monday the week kicks off with Fed President Harker speaking at 6 on & Fed President Bostic speaking at 7:40 pm.

Goldman Sachs & M&T Bank report earnings on Monday morning before the session opens, followed by Applied Digital, FB Financial & Pinnacle Financial after the closing bell.

Import Price Index, Import Price minus Fuel & Empire State Manufacturing Survey data are all due for release on Tuesday morning at 8:30 am.

Tuesday morning’s earnings calls feature Johnson & Johnson, Albertson’s, Bank of America, Citigroup, Ericsson & PNC, before Fulton Financial, Hancock Whitney, Interactive Brokers, J.B. Hunt Transport & United Airlines after the session’s close.

Wednesday begins with U.S. Retail Sales & Retail Sales minus Autos at 8:30 am, followed by Industrial Production & Capacity Utilization data at 9:15 am, Business Inventories & Home Builder Confidence Index data at 10 am & Fed President Hammack speaking at 12 pm.

Abbott Labs, ASML, Autoliv, Citizens Financial Group, First Horizon, Prologis, Travelers & U.S. Bancorp all report earnings before Wednesday morning’s session, before Alcoa, Bank OZK, CSX, F.N.B., First Industrial Realty, Home Bancshares, Liberty Energy, Rexford Industrial Realty, Simmons First National, SL Green Realty, Synovus & Triumph Financial report after the closing bell.

Initial Jobless Claims, Housing Starts, Building Permits & Philadelphia Fed Manufacturing Survey data are all released Thursday at 8:30 am.

Thursday morning’s earnings calls kick off with UnitedHealth Group, Ally Financial, American Express, Badger Meter, Charles Schwab, D.R. Horton, Fifth Third, Huntington Banc, Insteel Industries, KeyCorp, Manpower, Regions Financial, Snap-On, State Street, Texas Capital & Truist.

Friday begins with Fed President Daly speaking at 8 am & there are no noteworthy earnings reports scheduled.

See you back here next week!

*** I DO NOT OWN SHARES OR OPTIONS CONTRACT POSITIONS IN SPY, QQQ, IWM OR DIA AT THE TIME OF PUBLISHING THIS ARTICLE ***

SPY, the SPDR S&P 500 ETF closed the week down -9.07% while the VIX closed the week out at 45.31, indicating an implied one day move of +/-2.86% & an implied one month move of +/-13.1%.

Their RSI dropped into oversold territory & is currently at 23.43, while their MACD is deeply bearish, despite taking until Thursday to cross over.

Volumes were +112.07% above the prior year’s average (113,982,000 vs. 53,746,865), which shouldn’t be a surprise that it’s problematic given how Thursday & Friday’s declining volume eclipse most of the previous years’ levels.

Monday the week kicked off with a gap down open below the $550/share level, with a brief test lower towards $545, before the squeeze came along & the week’s third highest volume led to an advance that tested above the $560/share level, but managed to close at $559.39/share for the day.

Tuesday SPY opened lower, tested beneath the $555/share level, but managed to softly creep higher to close at $560.97 on the week’s lowest volume, a longer lower shadow than higher shadow & fear clearly setting in among market participants.

Wednesday opened lower at $555.05/share, briefly dipped below the $550/share level, before on the week’s second weakest volume climbing up to briefly break above the 10 day moving average’s resistance & the $565/share price level, & settling for the day in-line with the 10 DMA at $564.52/share.

While this may have been seen by some as a bullish head-fake, anyone who’s been following out notes over the past month know that the 10 DMA was going to be respected, if not oscillated around (last week’s note here).

Trouble set in on Thursday, when a gap down open to $536.70/share lead to a brief advance to a high of $547.97/share, before being pummeled down to $536.70/share at the close on the week’s second highest volume; setting the stage for a heavily “risk off into the weekend” Friday.

Friday didn’t disappoint for those who were watching the volume sentiment analyses posts, as a gap down open on the highest level of volume in the past 2+ years led to a large sell off heading into the weekend .

What’s more important than Friday’s eclipsing volume & -5.85% decline for the day is this week’s data set up.

Wednesday we get a hint into what March’s FOMC discussions looked like when the meeting minutes are released in the afternoon, which may lead to possible consolidation/a light, volume-less pump for the beginning of the week (unlikely, but possible), as market participants hope for near-term profits before more market catalyst news.

This is not the most likely, nor most important thing to focus on, but worth having in mind.

Thursday we get CPI data & Friday PPI data, which is more likely to be when we see meaningful market movements.

Oscillators such as RSI & MACD are currently both stretched bearishly to a point that they may continue downward (which will on Monday/Tuesday be more contingent on international markets or news we haven’t seen yet as of Sunday evening), but a breather on declines as mentioned above could be in the mix on two days of mostly unimportant earnings & limited market data being released.

But Wednesday will be a time to begin paying attention, as whatever is released in the minutes notes will be directly applicable to Thursday/Friday’s data & be something to focus on for formulating a near-to-mid-term hypothesis about where SPY goes next.

Thus far, volume sentiment tables like the one below have served good use, and look to continue to be reliable in the coming weeks.

In the coming week, we still are at the base case that any upward movement without substantial volumes behind it is nothing to think much of until there has been multiple sessions with above average advancing volume that establish an actual base.

Until then, treat all upside moves (particularly today, Tuesday 4/8’s) with a skeptical brow furrowed, as there will be short-term squeezes meant to bait market participants back into the pool for other folks to unload their shares on.

It is most likely that we see oscillations around the 10 DMA heading into mid-week, before the FOMC minutes & CPI/PPI nudge SPY in one direction or another heading into the latter half of the week.

Given how far off the 10 DMA is currently from Friday’s closing price, it is not unreasonable to expect to see prices squeeze up to attempt to fill the window created by Friday’s gap down open, but otherwise consolidation within the range of Friday’s large candle body will likely play out to be par for the course.

Given that the one year support levels are all almost exhausted, it is time to begin looking at the table below in relation to SPY’s 2 year support levels, as the volume sentiments that those levels have traded at are still relevant to the table data below & in the link to the broader volume sentiment analysis article.

SPY has support at the $505.48 (Volume Sentiment: Sellers, 1.2:1), $487.65 (Volume Sentiment: Sellers, 1.18:1), $448.85 (2 Year Chart, Volume Sentiment: Buyers, 1.8:0*) & $443.22/share (2 Year Chart, Volume Sentiment: Buyers, 4.45:1) price levels, with resistance at the $532.41 (Volume Sentiment: Buyers, 2.67:1), $534.38 (Volume Sentiment: Buyers, 2.67:1), $548.03 (Volume Sentiment: Buyers, 1.44:1) & $549.67/share (Volume Sentiment: Buyers, 1.44:1) price levels.

QQQ, the Invesco QQQ Trust ETF declined -9.87%, as the tech heavy index took the biggest beating of the major four in this week’s carnage.

Their RSI is in oversold territory at 24.34, while heir MACD also crossed over bearishly on Thursday & is deeply bearish.

Volumes were +85.52% above the prior year’s average level (66,320,000 vs. 35,748,095), which should be setting off warning bells among even the most passive of market participants, as something a lot of folks have omitted from discussion recently is that for all of the passive retail investor moves out of tech, the ETF exposure to them will have to follow suit & sell.

While a handful of folks out there have been addressing this, it’s still not being discussed as much as you’d think, given the prominence of ETFs & the exposure they are able to give anyone to instruments that the average investor shouldn’t be playing with.

There’s also likely in the event of a major declining move going to be an interesting discussion in the events of bailouts, as should an ETF holding systemically important derivatives somehow earns being bought out, rather than allowed to fail, despite holding unique levered contracts on tech companies (based on ETF landscape, but not targeting tech specifically, just more likely to hit the sector than others based on how many ETFs there are out there/their focuses).

Monday the week began on a note of bearish uncertainty, when the session opened on a gap down at the third highest volume of the week, broke below the $460/share level, before rebounding & closing higher than the open, but two pennies shy of Friday’s close.

Tuesday the shaky upward movement continued on the week’s lowest volume, followed by a bullish engulfing candle from Wednesday’s session.

Wednesday had some bearish sentiment aside from the second lowest volume of the week too though, as the day’s high tested the resistance of the 10 DMA & the short-term trend line said no, which set the stage for the rest of the week.

Thursday opened on a gap down, temporarily ripped above the $460/share level, before declining lower on the second highest volume of the week to close at $450.66/share, setting the stage for a very bearish Friday.

Friday the risk off sentiment carried on, opening on a gap down, briefly testing higher, before declining-6.21%, and the declining volume bar is taller than the day’s candle, indicating a severe loss of confidence in QQQ.

Much like SPY, there’s going to need to be a significant improvement in sentiment before there is any chance of a reversal for QQQ, so we’re not going to get into the bullish case.

The bearish case will also be intriguing, as like SPY, QQQ is now moving into the 2 year chart in terms of support levels.

Their consolidation case will likely remain within the body of Friday’s candle until the 10 DMA catches up below, after which it will begin to oscillate around that support/resistance level while we await new news or technical indicators changing.

The table below & a two year support/resistance level chart will be of value in the coming week while QQQ gets itself sorted out.

QQQ has support at the $421.55 (Volume Sentiment: Sellers, 1.5:1), $410.56 (Volume Sentiment: Buyers, 4:1), $383.59 (2 Year Chart, Volume Sentiment: Buyers, 2.63:1) & $376.52/share (2 Year Chart, Volume Sentiment: NULL, 0:0*) price levels, with resistance at the $440.36 (Volume Sentiment: Buyers, 3.27:1), $446.18 (Volume Sentiment: Sellers, 2:1), $465.74 (Volume Sentiment: Buyers, 2:1) & $473.41/share (Volume Sentiment: Sellers, 1.19:1) price levels.

IWM, the iShares Russell 2000 ETF fell -9.61% last week, as small cap names were the second most dumped during the massive sell off.

Their RSI oversold at is 24.03, while their MACD crossed over bearishly on Thursday.

Volumes were +70.77% above the prior year’s average (49,612,000 vs. 29,052,579), mostly due to Thursday & Friday’s declining sessions that eclipsed most of the past year.

The week started off on a sour note for IWM, as a gap down open on Monday dipped below the $197.50/share level before powering higher, but volume was so light that there was not much bullish sentiment behind the move up to close higher than the session’s open.

Tuesday saw the week’s weakest volume for IWM, on a high wave spinning top candle, which left market participants with a taste of bearish uncertainty.

Wednesday also saw weak volume compared to the end of the week, but a bearish engulfing candle opened lower & closed above Tuesday’s close, but was unable to break above the 10 day moving average’s resistance.

From here it all literally tumbled downhill.

Thursday opened on a gap down, attempted to climb higher, but the $195/share level is where it met its match & it slid to <$190/share by the close on the week’s second highest volume.

Friday showed the same sentiment, where even higher volumes lead to a -4.46% decline heading into the weekend, and the downside $177.50/share level was temporarily broken.

As noted in SPY & QQQ above, IWM has no base case at the moment for advancing, so until there is a sustainable level of higher volumes consistently attained it’s not worth looking into from a long-term perspective.

They’ve exhausted all of their support on the one year chart, so the table data below is best applied to their 2 year charts for seeing how they may ease their way into further declines (or not).

IWM has support at the $181.12 (2 Year Chart, Volume Sentiment: Sellers, 1.35:1), $164.61 (2 Year Chart, Volume Sentiment: Sellers, 1.4:0*), $158.85 (2 Year Chart, Volume Sentiment: NULL, 0:0*) & $157.17/share (3 Year Chart, Volume Sentiment: NULL, 0:0*) price levels, with resistance at the $189.17 (Volume Sentiment: Buyers, 1.32:1), $195.01 (Volume Sentiment: Buyers, 1.47:1), $195.72 (Volume Sentiment: Buyers, 1.47:1) & $196.56/share (Volume Sentiment: Buyers, 2:1) price levels.

DIA, the SPDR Dow Jones Industrial Average ETF fared the best of the majors, only losing -7.8% for the week as the blue chip index was still the favorite option among market participants.

Their RSI is in oversold territory at 23.95, while their MACD is bearish since Thursday.

Volumes were +48.06% above the prior year’s average (4,756,000 vs. 3,212,262), as even the blue chip index is beginning to see the lights turn on & folks head home.

Rather than dive into the day-over-day analysis, in DIA’s case here it is really all boiling down to Thursday & Friday’s outflow volume.

While the blue chip names have remained a favorite among market participants vs. their peers, this too has begun to unwind & we’re now looking at their 2 year chart to find support levels.

Their relatively less intense declines by both price & volume are troubling here, as if the markets actually get really spooked on Wednesday/heading into the weekend the tidal wave that DIA outflows causes across other names will be noteworthy & something to watch.

In the meantime, this is something to consider, as any weakness in DIA in the coming week(s) will send shock waves across the other major indexes & cause larger issues across the board, particularly given that bank earnings kick off on Friday in addition to the other previously mentioned potential catalysts.

A two year chart for DIA & the table below are worth examining heading into the rest of the week.

DIA has support at the $380.57 (Volume Sentiment: Buyers, 1.05:1), $375.09 (Volume Sentiment: Buyers, 1.06:1), $370.13 (Volume Sentiment: Buyers, 1.6:1) & $346.30/share (2 Year Chart, Volume Sentiment: Buyers, 23:1) price levels, with resistance at the $393.57 (Volume Sentiment: Buyers, 2.33:1), $395.11 (Volume Sentiment: Buyers, 2.33:1), $396.59 (Volume Sentiment: Sellers, 1.75:1) & $406.47/share (Volume Sentiment: Buyers, 3.17:1) price levels.

The Week Ahead

Monday the week begins with Consumer Credit data at 3 pm.

Dave & Busters, Greenbrier & Levi Strauss all report earnings after Monday’s closing bell.

NFIB Optimism Index data comes out Tuesday at 6 am.

Tuesday morning begins with earnings from WD-40, RPM & Tilray, followed by Cal-Maine Foods after the session’s close.

Wednesday brings us Wholesale Inventories data at 10 am, followed by the Minutes of March’s FOMC Meeting at 2 pm.

Delta Airlines, Neogen & Simply Good Foods report earnings before Wednesday’s opening bell, before Constellation Brands & PriceSmart report after the session’s close.

Initial Jobless Claims, Consumer Price Index, CPI Year-over-Year, Core CPI & Core CPI Year-over-Year data are released Thursday at 8:30 am, before Fed President Goolsbee speaks at 12 pm & Monthly U.S. Federal Budget data gets released at 2 pm.

Thursday morning’s earnings calls include CarMax & Lovesac, with no noteworthy reports after the closing bell.

Friday the week winds down with Producer Price Index, Core PPI, PPI Year-over-Year & Core PPI Year-over-Year data at 8:30 am, followed by Consumer Sentiment (prelim) at 10 am & Fed President Williams speaking at 11 am.

JP Morgan Chase, Blackrock, BNY Mellon, Fastenal, Morgan Stanley & Wells Fargo all report earnings before Friday mornings opening bell.

See you back here next week!

*** I DO NOT OWN SHARES OR OPTIONS CONTRACT POSITIONS IN SPY, QQQ, IWM OR DIA AT THE TIME OF PUBLISHING THIS ARTICLE ***