Author: OptimizedValue

SPY, the SPDR S&P 500 ETF fell -3.07% last week, while the VIX closed out at 23.37, indicating an implied one day move of +/-1.47% & an implied one month move of +/-6.75%.

Their RSI is currently at 37.02, while their MACD is still in bearish decline, which will make for an interest week as their 200 day moving average is just -1.11% below Friday’s closing price.

Volumes were +54.34% above the previous year’s average level (82,276,000 vs. 53,307,400), indicating that there is a bit of nervous energy & bearishness as people are jumping out of the pool in droves.

It’s worth noting that on 3/17/2024 SPY’s prior year’s average volume was 78,989,814, so this week’s average volume for the prior year eclipses that by +4.16%, which is an incredibly bearish signal given how the current average prior year’s volume for this week is -32.51% lower than from 51-weeks ago (note here).

Monday the week kicked off with a rather bearish set up, as SPY opened higher, tested the 10 & 50 day moving average’s resistance, which were crossing over bearishly, before dropping to form a bearish engulfing pattern with Friday’s candle, setting the stage for further declines into the week.

Tuesday opened on a gap down, tested higher to above Monday’s close, before puking lower to close the day red & based on the high wave candle’s lower shadow exposed a good deal of downside appetite, breaking below the $575/share mark.

There was a large tug of war going on that day, as the session had the week’s & 2025’s highest volume to date, but in the end the bears won.

Wednesday opened lower & again broke the $575/share mark temporarily, but was able to claw back higher to temporarily break above the $585/share mark, which proved unsustainable, but the session ended as a bullish engulfing pattern.

It’s worth noting that this came on the week’s lowest volume, which indicated that there was limited staying power & that it was likely just a head-fake to lure folks back into the markets after all of the selling of the prior 2-3 weeks.

Thursday opened on a gap lower, tested above the $580/share mark, but proved that the ship was still sinking as it proved unsustainable & the declines continued, briefly flirting with the support of the 200 day moving average, but recovering slightly to still close on a down day on the week’s third highest volume, signaling that the bulls were nowhere to be found.

Friday the week wound down on a bullish engulfing candle with the week’s second highest volume, but it again looked to be a head-fake, as the long-term trend line was broken through to the downside & the $565/share mark was approached, but not tested.

Per last week’s note, we saw the $575.35/share support line temporarily break down, which set the stage for the aforementioned trend test & the fact that it succeeded briefly indicates that there is questionable-to-shattered confidence in the market currently.

Another area of note is that the $570-574.99/share zone has been dominated by Buyers at a rate of 5.33:1 over the past ~2-3 years & yet the bulls were unable to defend the zone & it broke down temporarily.

As I am writing this (Monday morning as I was just OOO last week) the declines have continued per the open, and the high of the first 32 minutes of trading has not been able to break above the 200 DMA’s resistance.

The $565-$569.99/share zone has been dominated by Sellers at a rate of 1.59:1 in recent history, indicating that without some strong earnings results or a miracle from Wednesday’s CPI print or Thursday’s PPI print we will likely see further declines.

This is especially true given that the $560-564.99/share zone has seen limited downside tests & has been a Buyer zone at a rate of 1.8:0* & there has been a bit of momentum to the downside building up over the past few weeks.

The bullish case rests on SPY being able to break above the 200 DMA’s resistance & the $575.35/share mark, which will require a major catalyst & a large influx in advancing volume if it is to be sustainable, as currently there is a rather pessimistic outlook from the volume sentiment of SPY.

What is more likely to happen is that we either see a consolidation range established based around today’s close that will straddle & oscillate around the 200 DMA, or we see further breakdowns until their RSI crosses into oversold territory & a brief consolidation range forms as sellers take a breather.

Should that $560/share zone break down SPY will see a bit more trouble brewing, as despite there being 3.44:1 Buyers:Sellers for the $560.59/share support level, that breakdown leads to an elevator ride down with only one stop at $551.32/share to $535.99/share (an additional -2.78% decline) based on a lack of support levels in between, paired with weak Buyer sentiment along the way down.

The table below highlights the volume sentiments for SPY over the past ~2-3 years & is useful for assessing the strength/weakness of support/resistance levels in the coming weeks as they’re tested.

SPY has support at the $575.35 (Volume Sentiment: Buyers 1.08:1), $569.54 (200 Day Moving Average, Volume Sentiment: Sellers, 1.59:1), $565.99 (Volume Sentiment: Sellers, 1.59:1) & $561.54/share (Volume Sentiment: Buyers, 1.8:0*) price levels, with resistance at the $580.91 (Volume Sentiment: Sellers, 1.88:1), $584.15 (Volume Sentiment: Sellers, 1.88:1), $585.75 (10 Day Moving Average, Volume Sentiment: Buyers, 1.55:1) & $590.49/share (Volume Sentiment: Buyers, 4:1) price levels.

QQQ, the Invesco QQQ Trust ETF dropped -3.22% last week, as the tech-heavy index fell out of favor among investors as well.

Their RSI is just above the oversold 30-mark & sits currently at 35.65, while their MACD is still in bearish decline with a histogram that isn’t painting a picture of it changing in the near-term.

Volumes were +52.34% above the prior year’s average level (53,728,000 vs. 35,269,360), which when compared to last year’s average level paints a similar eerie picture as SPY’s, given that this year’s average prior year’s volume is -29.86% lower than a year ago’s level of 50,281,257.

Monday opened similarly to SPY, as QQQ set a bearish engulfing pattern on Friday’s candle, with the $495/share mark being temporarily broken through to the downside.

Tuesday continued the bearish theme, as QQQ opened on a gap down, broke down through the 200 DMA’s support briefly, continued lower to break down the $490/share price level, before climbing back to close above it’s open, but still lower than Monday’s close.

The high wave candle also showed some temporary upside appetite too, but in the end the week’s highest volume session went to the bears after a long tug-of-war.

Wednesday opened on a gap up, but not without testing lower down to the 200 DMA’s support, but QQQ managed to bounce north from it to close above the $500/share mark.

It’s worth noting that this occurred on the week’s second lowest volume, so the upside move lacked strength behind it.

QQQ opened Thursday on a gap lower, briefly attempting to break higher above the $495/share mark, but did not reach the $450 level, and came crashing down below the 200 day moving average’s support to close below the $490/share level.

Thursday’s lower shadow also signaled that the $485/share level became in play & the week’s second highest volume session painted a dismal picture for the coming week.

Friday opened on a gap lower, broke down below the $485/share level & almost reached the $480/share mark, before rallying higher to briefly break above the 200 DMA’s resistance & closed the week out just below the long-term trend line.

Like SPY, there will need to be a significant shift in advancing volume in order for any upside near-term moves to be sustainable & as such all should be viewed skeptically in the coming week(s).

In the event of a consolidation range forming, it will likely oscillate around the 200 DMA once the long-term trendline & QQQ’s price meet again, but per Monday’s open there were further declines away from the slow moving average.

An area of concern for QQQ which can be seen in the table below is that their next four support levels from Friday’s close extend to declines of ~-9% in terms where their fourth support level to find footing on occurs & there is a lot of Seller pressure along the way there, lumped in with only one strong Buyer pressure zone ($452-455.99/share @ a rate of 2.5:1).

Any downside movements are worth referencing against the table below to see where there may be relief, but with so few local support levels QQQ looks ready for a difficult week(s) ahead in the near-term.

QQQ has support at the $484.08 (Volume Sentiment: Buyers, 1.88:1), $474.12 (Volume Sentiment: Buyers, 1.52:1), $458.47 (Volume Sentiment: Sellers, 1.89:1) & $447.28/share (Volume Sentiment: Sellers, 1.4:1) price levels, with resistance at the $491.89 (200 Day Moving Average, Volume Sentiment: Buyers, 1.57:1), $493.69 (Volume Sentiment: Buyers, 4.13:1), $499.70 (Volume Sentiment: Buyers, 2:0*) & $502/share (Volume Sentiment: Buyers, 3.22:1) price levels.

IWM, the iShares Russell 2000 ETF declined -4.05%, as the small cap index took the brunt of the week’s beatings in terms of the major index ETFs.

Their RSI is in oversold territory, sitting at 29.59, while their MACD is bearish with a steady histogram reading, which doesn’t signal that there is an immediate recovery on the horizon.

Volumes were +44.59% above the previous year’s average levels (41,838,000 vs. 28,934,640), which should sound alarm bells given that IWM’s current previous year’s average volume is -16.67% lower than that level one year ago (34,724,721).

IWM’s week opened on a bearish engulfing candle as well, after they’d already broken down through their 200 day moving average’s support the week prior & the resistance of the 10 DMA was unable to be tested despite the gap up opening price level.

Tuesday opened on a gap down, tested lower to break down through the $205/share level to the downside, but heavy volume pushed IWM higher to flirt with the $210/share mark, before closing above its opening price, but still lower on the day.

Tuesday’s high wave doji candle showed that while there was some uncertainty surrounding where IWM was to be valued, it was definitively viewed as lower given the candle’s real body & the highest volume of the week showed that despite the tug-of-war, there was conviction that it certainly belonged lower.

Wednesday opened on a gap higher, tested lower to <$205/share mark, but ultimately was able to break out & close above the $207/share level; it should be noted that this occurred on weak volume, indicating that there was limited strength behind the move higher & that it should be viewed skeptically.

Thursday confirmed this, as IWM opened on a gap lower & closed the day as a high wave doji that signaled that there was some appetite to above $207/share still, but sellers came out to force the session below $205/share briefly before it settled down for the day just above that level.

Friday resulted in the week’s second highest volume on another high wave candle, but the high was unable to reach the $207/share level & the low broke down below the $202/share mark.

While the day resulted in a bearish engulfing candle, the lower shadow speaks volumes about investor sentiment towards IWM in the near-term & it’s a bleak outlook.

The bullish case for IWM revolves around their RSI being in oversold territory & a brief bounce, but like with SPY & QQQ, without a meaningful increase in consistent advancing volume there’s little reason to believe any such move will be sustainable.

Any upward movement would also likely be thwarted by the 10 day moving average’s resistance, as it bears down on IWM’s price.

The more neutral look at IWM would be for a consolidation range to form around Friday/today’s price ranges that would likely oscillate around their 10 day moving average, but given that this is the small cap index this would only happen as a result of a temporary breather after their past few months of declines while their RSI heads back towards the neutral level, as they will continue to be punished if their larger counterpart indexes head lower.

The $196-197.99/share zone will be a place of interest in the event of further declines for IWM, as it is the strongest level of Buyer:Seller sentiment over the past ~2-3 years (2.5:1) within -9.69% of Friday’s closing price & it houses two support levels.

Should these break down the next support level has less historic Buyer sentiment (1.15:1) before we re-enter Seller dominated zones without support levels, which will make it difficult to find stable footing on.

The following support level is $189.60, which occurs in a Buyers zone (1.64:1), which if that breaks down is the last one-year support level & prices enter a Seller dominated zone at a rate of 1.44:1, which would prove poor for IWM.

The $188/share mark is -8.72% from Friday’s close, so if prices break down through it & then slide through the next zone, the $186/share level is -9.69% from Friday’s closing level.

As with the indexes above, it is worth reviewing IWM’s price action against the table below in the coming weeks.

IWM is at a support/resistance point of $205.95 & has support at the $202.91 (Volume Sentiment: Buyers, 1.54:1), $197.34 (Volume Sentiment: Buyers, 2.5:1), $196.15 (Volume Sentiment: Buyers, 2.5:1) & $195.45/share (Volume Sentiment: Buyers, 1.15:1) price levels, with resistance at the $207.86 (Volume Sentiment: Buyers, 2.64:1), $207.96 (Volume Sentiment: Buyers, 2.64:1), $209.94 (Volume Sentiment: Buyers, 2.64:1) & $210.93/share (10 Day Moving Average, Volume Sentiment: Buyers, 2.64:1) price levels.

DIA, the SPDR Dow Jones Industrial Average ETF dipped -2.31% last week, as the blue chip names still remained the most resilient of the major indexes.

Their RSI is currently at 40.99, while their MACD is bearish & its histogram is not indicating that the slide is over in the near-term.

Volumes were +4.14% above the prior year’s average (3,384,000 vs. 3,249,250), which is less troubling than the aforementioned indexes, but given that DIA is home to the blue chips this should be expected.

Their current prior year’s average volume level is -5.53% lower than DIA’s average volume level one year ago (3,439,304), so even some of the investors who value the safety of the blue chip names are beginning to head towards the exit.

Monday opened the week up on a gap higher above the 10 day moving average’s resistance, broke above the $440/share mark, before sliding below the support of both the 10 & 50 DMAs to cross below the $430/share level temporarily to close forming a bearish engulfing candle with Friday’s session.

One thing of note here was that while Monday had DIA’s widest range of the week, it also contained the highest volume, setting the stage for further declines & likely signaling a larger trend shift for the blue chip names.

Tuesday followed suit & opened on a gap lower, attempted to break above the $430/share level but was unable to remain above it for long & ultimately closed lower, with the day’s low price touching below $425/share, signaling that there was more downside interest on the horizon.

Wednesday opened on a gap lower & again the $425/share level was broken through bearishly temporarily, before DIA rallied to close above the $430/share level; however this occurred on the second lowest volume of the week, signaling that there was not much conviction behind the bullish engulfing candle, particularly given the day’s wide range of prices covered.

Thursday resulted in an interesting day for DIA, as the week’s lowest volume session resulted in a high wave doji candle for a decline, causing a bearish harami pattern, where the upper shadow tested & was rejected by the $430/share level, while the day’s low crossed below the $425/share level.

The low volume on a high wave candle does not indicate that there was much tug-of-war & as a result the taller upper shadow comes with less meaning given the result of the day’s close.

Friday threw an interesting head-fake to the upside, as the day opened on a gap lower below the $425/share level, tested & bounced off of the $421.98/share level, before advancing for the day to close+0.55% & form a bullish engulfing pattern.

While it was on the week’s second highest volume, it indicates that at best DIA will consolidate in a range between the real body of Friday’s candle.

DIA will need significant increases in advancing volume for any near-term gains to be sustainable like the other three indexes & has the resistance of the 10 day moving average bearing down on it.

In the event of a downside move the 200 DMA’s support will be a key area to watch, as it resides in a zone that Sellers have bested Buyers 1.11:1 over the past ~4-5 years & should it break down the next zone ($412-415.99/share) has been Even (1:1) between the bulls & bears in terms of volume, which will likely become advantage Sellers unless the price oscillates around the 200 DMA favoring the downside.

The $408.12/share support level will become a key area to watch should those events unfold, as the $408-411.99/share has historically been won by Buyers at a rate of 12:1, which means it has been relatively untested by Sellers.

If that level breaks down there isn’t another support level to gain footing on for another -2.64% & a Seller:Buyer 1.17:1 zone sits atop it, which will likely lead prices lower to test it.

The table below will be beneficial to reference in the coming weeks in relation to DIA’s price movements.

DIA has support at the $427.60 (Volume Sentiment: Sellers, 2.25:1), $420.93 (Volume Sentiment: Buyers, 1.5:1), $417.73 (Volume Sentiment: Sellers, 1.11:1) & $416.78/share (200 Day Moving Average, Volume Sentiment: Sellers, 1.11:1) price levels, with resistance at the $430.88 (Volume Sentiment: Buyers, 4.5:1), $431.80 (10 Day Moving Average, Volume Sentiment: Buyers, 4.5:1), $432.86 (Volume Sentiment: Buyers, 2.75:1) & $435.90/share (50 Day Moving Average, Volume Sentiment: Buyers, 2.5:1) price levels.

The Week Ahead

There is no major economic data due for release on Monday.

BioNTech & Franco-Nevada report earnings Monday morning before the opening bell, followed by Asana, HighPeak Energy, Limbach Holdings, Mission Produce, Oracle, Paymentus, StandardAero & Vail Resorts after the closing bell.

Tuesday opens with NFIB Optimism Index data at 6:45 am, before Job Openings Data is released at 10 am.

Ciena, Dick’s Sporting Goods, Ferguson Enterprises, First Watch Restaurant Group, Holley, Kohl’s, Korn Ferry, Legend Biotech, United Natural Foods & Viking Holdings all report earnings before Tuesday’s opening bell, with Cadre Holdings, Casey’s General, Stitch Fix & Westrock Coffee reporting after the session’s close.

Wednesday begins with Consumer Price Index, CPI Year-over-Year, Core CPI & Core CPI Year-over-Year data at 8:30 am, followed by Monthly U.S. Federal Budget data at 2 pm.

ABM Industries, Arcos Dorados & iRobot all report earnings Wednesday before the session’s open, with Adobe, American Eagle Outfitters, Calavo Growers, Crown Castle, Phreesia, SentinelOne, Sprinklr & UiPath reporting after the closing bell.

Initial Jobless Claims come out at 8:30 am on Thursday, as well as Producer Price Index, Core PPI, PPI Year-over-Year & Core PPI Year-over-Year data.

Thursday’s earnings kick off with Dollar General, G-III Apparel & Weibo in the morning, before Ulta Beauty, Berry Petroleum, Blink Charging, DocuSign, EverCommerce, PagerDuty, Rubrik, Semtech, ServiceTitan, Wheaton Precious Metals, Xponential Fitness & Zumiez report after the session’s close.

Consumer Sentiment (prelim) March data is due for release on Friday at 10 am.

Friday’s morning’s earnings reports include Buckle, Gogo & Li Auto.

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 ***

Well, things have become interesting… the week ended relatively in-line with last week’s expectations.

SPY, the SPDR S&P 500 ETF dipped -0.96% this past week, while the VIX closed at 19.63, indicating an implied one day move of +/-1.24% & an implied one month move of +/-5.67%.

Their RSI is advancing towards the neutral 50 mark & sits currently at 44.54, while their MACD is bearish, but their histogram has begun to taper off following Friday’s session.

Volumes were +18.77% above the previous year’s average level (63,054,000 vs. 53,091,315), which should be viewed as problematic given the declines of the last week that were saved by Friday’s squeeze heading into the weekend.

Monday the week kicked off on a sour note, as while SPY opened above Friday’s close it was unable to stay above the support of the 50 day moving average, closing below it to not return above the medium-term trend line for the remainder of the week.

Tuesday the declines continued, on slightly higher volume than Monday, indicating that market participants had become antsy, particularly as the $590/share price level was temporarily broken during the session.

Wednesday the declines took a breather, but there was no indication that things were going to turn around, as the day flashed many bearish signals.

The session opened in the middle of Tuesday’s range, tested higher to break above the 50 day moving average’s resistance, before cratering & settling below the open, with the sessions’s lower shadow indicating that there was still downside appetite as well.

It should be noted that the session closed as a spinning top as well, on the week’s lowest volume while forming a bearish harami pattern with Tuesday’s candle, signaling that there was a bit of anxiety in the market.

Thursday opened on a gap up just beneath the 50 day moving average’s resistance, tested higher but was unable to break above the 50 DMA & ultimately dropped to below the $585/share price level on the second highest volume of the week.

It should also be noted that this was the third highest volume of the year, trailing the previous Friday’s volume & the volume that was produced in the following day’s session.

There was clearly a bit of fear in the air.

Friday had the highest volume of 2025 on a +1.56% advancing session which saved SPY’s week in terms of final performance.

It closed with signs of uncertainty, as there was high volume & the candle formed a bullish harami pattern, which could indicate a reversal is in the making, especially given that the volume was the highest of 2025.

It may be worth taking a look to back on December 20,2025 when a similar pattern emerged in terms of both the pattern & the volume spike while SPY was below their 50 DMA.

While the next three sessions advanced, the next few weeks saw increased declines, creating the $575.35/share support level that we will be keeping an eye on over the coming weeks.

One point of difference is that there is more distance between the 10 & 50 DMAs, follow the volume trends over the coming week(s) to see if there is an increase in advancing volume levels, which will be imperative to sustain the reversal.

It currently looks like the 50 DMA will be straddled/oscillated around moving into the next week, particularly as it is -0.52% below the 10 DMA, which is ready to cross over bearishly in the next few sessions.

Should the $590.49/share support level break down, the following two support levels have been dominated by Sellers at the rate of 1.88:1 over the past ~3-4 years.

That $575.35 support level happens to be in a Buyer dominated zone, but the ratio has been only 1.08:1, which means that the long-term trend line is now in play, as the 200 DMA’s support is only -4.39% below Friday’s closing price & is the next support level.

Should there be any advances, the $600/share mark will be difficult to cross bullishly & sustain further advances based on the volume data in the table below.

SPY has support at the $590.49 (Volume Sentiment: Buyers, 4:1), $584.15 (Volume Sentiment: Sellers, 1.88:1), $580.19 (Volume Sentiment: Sellers, 1.88:1) & $575.35/share (Volume Sentiment: Buyers, 1.08:1) price levels, with resistance at the $597.86 (50 Day Moving Average, Volume Sentiment: Buyers, 1.47:1), $600.97 (10 Day Moving Average, Volume Sentiment: Sellers, 1.04:1), $602.48 (Volume Sentiment: Sellers, 1.04:1) & $607.03/share (Volume Sentiment: Buyers, 5.5:1) price levels.

QQQ, the Invesco QQQ Trust ETF declined -3.4% last week, faring the worst of the major index ETFs.

Their RSI is advancing towards the neutral 50 level, but currently sits at 39.7, while their MACD is bearish & looks set to continue lower.

Volumes were +26.82% above the previous year’s average (44,554,000 vs. 35,131,713), which paints an even bleaker picture than was just described regarding SPY.

Much like SPY, Monday opened the week off on a sour note for QQQ, as the session broke down through the 50 day moving average’s support to close beneath it, setting the stage for a week of declines.

Volume was light, but it was the kindling that lit the fire for the rest of the week.

Tuesday opened on a gap lower, but more sellers entered the arena than Monday & forced a temporary breakdown of the $510/share price level, but prices were able to recover enough to close down, but above $510/share.

Wednesday saw a temporary breather, but much like SPY’s chart, it did not paint a picture of recovery.

The day formed a bearish harami pattern with Tuesday on a high wave spinning top, indicating a great deal of indecision, particularly as the day had the weakest volume of the week.

Thursday opened on a gap up, formed a bearish engulfing pattern on Wednesday’s candle & had the second highest volume of the year, indicating that there was a large abandoning of ship after the NVDA earnings calls which was after Wednesday’s close.

Friday did QQQ no favors either, as despite the +1.58% advance the $500/share level was blatantly broken down before the rally that pushed QQQ to close higher, and volumes were lower than Thursday’s, making it appear like a bait & switch squeeze in the wake of the major declining day.

Heading into the new week QQQ has a slightly different set up than SPY, given that their 10 DMA is set to crossover bearishly through the 50 DMA by Wednesday & the proximity of their close to their long-term trend line.

QQQ closed the week with their 200 DMA’s support just -3.44% below their closing price, which indicates that prices may venture back north to near where the 10 & 50 DMA’s are temporarily, else consolidate within the range established by Friday’s candle for the week.

The good news for bulls is that QQQ is currently in the last of three major Seller dominated price levels that were outline below (also on the table below), but the bad news is that given how fast they fell last week & at such high participation rates, that even consolidating temporarily seems tricky without some increase in volume vs. the prior year’s average.

Should prices advance & retest the 10 & 50 DMAs’ resistance levels, the December 20th mark listed above is worth revisiting to get an idea of where things may go, as well as the chart below for the volume sentiment reading.

Should the 200 DMA’s support break down, $487.99-484.00 will be the last stalwart of support, with Buyers besting Sellers at a ratio of 4.133:1 over the past ~2-3 years, else there’ll likely be a further breakdown from the $484.08/share support level.

QQQ has support at the $502.00 (Volume Sentiment: Buyers, 3.22:1), $499.70 (Volume Sentiment: Buyers, 2:0*), $493.69 (Volume Sentiment: Buyers, 4.13:1) & $490.70/share (200 Day Moving Average, Volume Sentiment: Buyers, 1.57:1) price levels, with resistance at the $508.47 (Volume Sentiment: Sellers, 1.54:1), $511.05 (Volume Sentiment: Sellers, 3.13:1), $514.75 (Volume Sentiment: Sellers, 3.13:1) & $522.09/share (50 Day Moving Average, Volume Sentiment: Buyers, 1.6:1) price levels.

IWM, the iShares Russell 2000 ETF fell -1.45% last week, as small caps held steady on volume, but were unable to finish above par.

Their RSI is advancing after bouncing off of the oversold 30 level & sits currently at 34.98, while their MACD is still bearish, but the histogram is waning after Friday’s advancing session.

Volumes were +4.82% above the previous year’s average (30,156,000 vs. 28,769,163), which while it appears irrelevant compared to SPY & QQQ does indicated that there is trouble brewing for small caps as well.

Monday set the week up for failure quickly, as the session immediately broke down the long-term trend line of support & tested the downside of $215/share, indicating that folks were hopping out of the pool.

Tuesday this continued, when the session opened & tried to test the resistance of the 200 DMA, failed & went south to close on a decline on the highest volume of the week.

Wednesday attempted a “Hail Mary” & wound up just forming a bearish harami pattern on the week’s weakest volume, but the upper shadow shows that at least for a moment, there were some buyers in the room.

IWM closed as a spinning top candle that closed lower than it opened, indicating indecision-to-negative sentiment, with the lower shadow of the day’s range breaking below $215/share, setting the stage for further losses.

This was also the week’s weakest session by volume, indicating that there was not much validity to the upwards moves of the day & that profits were taken.

Thursday produced further declines that lead to IWM being under $212.50/share, with the upper shadow of the day’s candle not signaling much upside appetite.

Friday opened on a gap lower, tested lower, before closing out as an advance of +1.06%, but the volumes tell the same story of short-term squeeze, which the 200 DMA’s resistance at 1.46% above Friday’s close will likely prove true.

IWM is currently in the $212-213.99/share price zone, which over the past ~2-3 years has been primarily dominated by the Sellers at a ratio of 1.29:1, signaling that the added resistance of the long-term trend line may add trouble for the index.

Look for the 10 & 50 Day Moving Averages to cross bearishly through the 200 DMA over the next 6 sessions, and unless we get some bullish catalyst, it looks like we’ll see some consolidation with further declines in the near-term.

Any catalyst will need sufficient levels of volume behind it to become sustainable, so this week’s levels are nothing of note, unless we see more days with higher levels of advancing volume.

The $209.94/share support level has typically been won by the Buyers at a rate of 2.64:1, which will be a key area to watch should we see any declines through the three closer support levels that are all in a Seller zone.

Reference the table below for more information on IWM’s volume sentiment by price level.

IWM has support at the $214.01 (Volume Sentiment: Sellers, 1.29:1), $213.97 (Volume Sentiment: Sellers, 1.29:1), $213.96 (Volume Sentiment: Sellers, 1.29:1) & $209.94/share (Volume Sentiment: Buyers, 2.64:1) price levels, with resistance at the $216.73 (Volume Sentiment: Buyers, Buyers, 1.37:1), $217.79 (200 Day Moving Average, Volume Sentiment: Buyers, 1.37:1), $217.85 (Volume Sentiment: Buyers, 1.37:1) & $219.60/share (10 Day Moving Average, Volume Sentiment: Buyers, 1.37:1) price levels.

DIA, the SPDR Dow Jones Industrial Average ETF squeaked out an advance of +0.97%, as the blue chip index remained resilient while the other majors declined, but participation was low.

Their RSI is approaching the neutral 50-mark at 48.52, while their MACD is bearish, but has flattened out in the wake of Friday’s session.

Volumes were -4.22% lower than their prior year’s average level (3,112,000 vs. 3,249,163), bucking the trend on volume & advance/decline, but not showing much sign of life.

Monday kicked the week off in spooky-spirit, with a spinning top bearish harami pattern that had the week’s highest volume & a close that was lower than the open, but the lower shadow indicated that there was more appetite lower vs. higher.

Tuesday also gave off a lack of confidence, as DIA tested even lower, before temporarily breaking through the 50 day moving average’s resistance & closing as a spinning top, in-line with the 50 DMA.

Wednesday showed the worst volume of the week, on a session that featured a gap up, a test slightly higher than Tuesday & then a decline that was slightly above Tuesday’s low, inspiring a slight bit of optimism.

Thursday gave an indication that we may see the 10 DMA be straddled as it bearishly approaches the 50 day moving average based on its upper shadow, which also broke the day prior’s high, but that bearish day was the second highest volume day of the week.

Partially due to the wide range & likely some intra-day profit taking, but it showed that folks were willing to see the 10 DMA for a brief vacation.

Friday had the third highest volume of the week, which is troubling as it shows that the 10 DMA’s resistance is proving temporarily resilient, as it sits <1% above the 50 DMA’s support, indicating price will likely straddle the 10 & consolidate, else decline unless we see a substantial uptick in volume on some advances.

It’s also worth looking at the unfilled gaps of early 2025; DIA is the blue chip index, everyone buys into them at the end of the day for the most part for safety, this is in part why they’ve weathered the storm so well.

After a -2.37% decline, per the table below, there is a bit of room for declines based on previous volume trends, which will be key areas to keep an eye on in the coming week(s).

DIA has support at the $435.90 (50 Day Moving Average, Volume Sentiment: Buyers, 2.75:1), $432.86 (Volume Sentiment: Buyers, 2.75:1), $430.88 (Volume Sentiment: Buyers, 4.5:1) & $427.60/share (Volume Sentiment: Sellers, 2.25:1) price levels, with resistance at the $438.80 (10 Day Moving Average, Volume Sentiment: Buyers, 1.6:1), $442.49 (Volume Sentiment: Buyers, 4:1), $449.41 (Volume Sentiment: Buyers, 0.6:0*) & $449.69/share (All-Time High, Volume Sentiment: Buyers, 0.6:0*) price levels.

The Week Ahead

Monday the week kicks off with S&P Final U.S. Manufacturing PMI data at 9:45 am, followed by Construction Spending & ISM Manufacturing data at 10 am, Fed President Musalem speaking at 12:35 pm & Auto Sales data.

Avadel Pharmaceuticals, California Resources Corp., Fortrea, N-able, Nomad Foods, Plug Power, Sunnova Energy & Surgery Partners are all due to report earnings on Monday morning, followed by ADMA Biologies, Concentra Group Holdings, GigaCloud Technology, GitLab, NuScale Power, Okta, Repay Holdings & W&T Offshore after the closing bell.

Fed President Williams speaks at 2:20 pm Tuesday, with Fed President Barkin speaking at a time yet to be determined.

Tuesday morning begins with earnings from Target, AutoZone, Best Buy, EV Go, Genius Sports, Olaplex, ON Semiconductor, Paysafe & Sea Ltd., with AeroVironment, Box, ChargePoint Holdings, Credo Technology Group, Credo Technology Group, Evolus, Flutter Entertainment, Nordstrom, Ross Stores & Sociedad Quimica y Minera due to report after the closing bell.

Wednesday begins with ADP Employment data at 8:15 am, before S&P Final U.S. Services PMI at 9:45 am, Factory Orders & ISM Services data at 10 am & the Fed Beige Book at 2 pm.

Abercrombie & Fitch, Brown-Forman, CG Oncology, Dine Brands, Foot Locker, REV Group, Riskified, SmartRent, South Bow, Stratasys & Thor Industries are all reporting earnings Wednesday morning before the session opens, with Descartes, Kodiak Gas Services, LandBridge, Marvell Technology, MongoDB, Sleep Number, Veeva Systems, Victoria’s Secret, Yext, Zscaler & Zymeworks all scheduled to report after the close.

Initial Jobless Claims, U.S. Productivity (Final) & U.S. Trade Deficit data are all due Thursday at 8:30 am, followed by Wholesale Inventories data at 10 am, Fed Governor Waller speaking at 3:30 pm & Fed President Bostic speaking at 7 pm.

Thursday morning’s earnings include America’s Car-Mart, BJ’s Wholesale, BrightSpring Health Services, Burlington Stores, Canadian Natural Resources, Cracker Barrel Old Country Store, GMS, Macy’s, Marex Group, Stevanato Group, The Toro Company & Turning Point Brands, before Broadcom, Costco Wholesale, Asure Software, BigBear.ai, Cooper, Domo, El Pollo Loco, Funko, Gap, Guidewire Software, Hewlett Packard Enterprise, MeridianLink, Samsara & Smith & Wesson Brands after the session’s close.

Friday the week winds down with U.S. Jobs Report, U.S. Unemployment Rate, U.S. Hourly Wages & Hourly Wages Year-over-Year data at 8:30 am, before Fed Governor Bowman speaks at 10:15 am, Fed President Williams speaks at 10:45 am, Fed Governor Kugler speaks at 12:20 pm, Fed Chairman Powell speaking at 12:30 pm & Consumer Credit data at 3pm.

Algonquin Power & Utilities & Genesco are both due to report earnings after the session’s close.

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 dropped -1.6% this week, while the VIX closed the week out at 18.21, indicating an implied one day move of +/-1.15% & an implied one month move of +/-5.26%.

The RSI just crossed bearishly through the neutral 50 mark, while their MACD crossed over bearishly on Friday.

Volumes were -19.47% lower than the previous year’s average (42,707,500 vs. 53,030,635), which carries bearish sentiment with it given that the opening two sessions of the week were advancing, but had the lowest volumes of the week.

Readers should also refer to last week’s note where we broke down the major declines in prior year’s volume from today’s levels to the same metric from one year ago to see how this weak participation rate is even worse given how much less volume this past year has seen vs. the prior year.

Tuesday kicked last week off on a rather ominous note as the extremely low volume session resulted in a hanging man candle (bearish) that also closed lower than it opened, after an opening gap up from the previous Friday’s close.

Wednesday’s candle formed a bullish engulfing pattern with Tuesday’s, but with the same low volume turnout there was nothing to get excited about for SPY.

Thursday confirmed this when SPY opened in the middle of Wednesday’s range, before plunging lower & testing the support of the 10 day moving average.

Volumes were slightly higher than the preceding two days, and the day’s candle formed a bearish harami pattern.

Friday opened lower & on the highest volume of 2025 SPY plunged through the support of their 10 day moving average & made a run lower at the 50 DMA’s support level.

As I am finishing writing this on Tuesday morning SPY has already broken through the 50 DMA, which brings us to an interesting week ahead.

As the table below notes, there is now (Tuesday) only one support level between SPY’s current price & a price zone that has been dominated by the Sellers at a rate of 1.88:1 over the past ~2-3 years.

This makes it likely that these support levels will not be able to sustain SPY’s current declines, which would mean prices are scheduled to drop -3.32%+ from Friday’s closing price.

It seems unlikely that SPY will see any major advances this week, and the most likely outcome will be either a continued decline & or a consolidation around the 50 day moving average.

NVIDIA Corp.’s earnings call tomorrow afternoon will likely be the linchpin that dictates which of those two outcomes occurs.

It will require a massive beat in order to see a turnaround for SPY & the advances to continue, making this week’s theme to watch for is how closely aligned SPY’s price stays with their 50 day moving average.

In the event of declines & changing (lowering) of support levels, the table below is useful to measure the strength or weakness of the new support/resistance levels.

One other item that should be on readers’ radar in the coming weeks is that the 200 day moving average (long-term trend) is -5.64% below Friday’s closing price.

That long-term trend line is also located in a Seller dominated zone, meaning that SPY’s long-term trend is potentially at risk of breaking down, as Sellers have been the favorites of the $565-569.99/share zone at a rate of 1.59:1 over the past ~2-3 years.

This will be especially interesting to watch if the price remains below the 10 & 50 day moving averages for many days or if it strays too far south of them.

SPY has support at the $598.82 (50 Day Moving Average, Volume Sentiment: Buyers, 1.47:1), $590.49 (Volume Sentiment: Buyers, 4:1), $584.15 (Volume Sentiment: Sellers, 1.88:1) & $580.91/share (Volume Sentiment: Sellers, 1.88:1), with resistance at the $602.48 (Volume Sentiment: Sellers, 1.04:1), $606.85 (10 Day Moving Average, Volume Sentiment: Buyers, 5.5:1), $607.03 (Volume Sentiment: Buyers, 5.5:1) & $610.78/share (Volume Sentiment: NULL, 0:0*).

QQQ, the Invesco QQQ Trust ETF fell -2.24% last week, as the tech heavy index was not immune to the turbulence across broader markets.

The RSI also just crossed bearishly through the neutral 50-mark, while their MACD ended the week ready to bearishly crossover early this week.

Volumes were -18.83% below the previous year’s average (28,470,000 vs. 35,075,000), which much like SPY above is concerning given how low their current prior year’s average level is compared to that same metric from one year ago.

Tuesday kicked the week off in a similar manner to SPY, as QQQ opened on a gap up, but was forced lower to retrace most of the previous day’s range throughout the session on light volume & ultimately closed higher, but lower than it opened.

The uncertainty & skittishness continued into Wednesday, when another low participation session took place & the session ended as a high spinning top, indicating extreme uncertainty with a dash of nervousness among market participants.

Wednesday opened lower but was able to recover by the close & close higher on a day, but the caution lights were flashing brightly.

Thursday confirmed this when QQQ opened lower, briefly tried to climb higher, but was rejected & wound up going all the way down to test the support of the 10 day moving average.

While the support held up for Thursday, the session still resulted in a hanging man candle (bearish) & it became clear that with a little more volume there would be steeper losses on the horizon.

Friday delivered both the volume & the declines, as the third most active day of the year for QQQ fell straight through the 10 day moving average’s support, as market participants were all eager to hop out of the pool taking limited risk into the weekend.

While QQQ closed above the 50 day moving average’s support on Friday, it should be noted that it was only -0.49% below it when the session ended.

With the MACD set to crossover bearishly in the first half of this week, there will be a breakdown of QQQ’s 50 DMA.

This is problematic, as the next two support levels for QQQ are in Seller dominated zones (see table below) & the lower range of the bottom zone is a -4.01% decline from Friday’s closing price.

While NVDA is sure to impact the price of QQQ this week, as we’ve published for weeks now anything to the upside that has staying power will need a big improvement in volume, else it should be viewed with skepticism.

All eyes should be watching how the price & 50 day moving average move in relation to one another this week, as pending no high volume pivot north & no outright disappointing news the best case scenario currently looks like QQQ’s price will move around straddling the 50 DMA’s support/resistance.

In the event of outright declines, the $499.70/share support level will be an area to keep an eye on as it occurs in a zone with limited data on historic selling pressure, as Buyers have typically outdone Sellers at a rate of 2:0*, which may mean we get to see more sellers emerge at this level.

It’s also important as its the second to last support level before the 200 day moving average (long-term trend) is approached by QQQ’s price, and in the event of a breakdown it appears that the long-term trend will at least be tested.

QQQ has support at the $523.48 (50 Day Moving Average, Volume Sentiment: Buyers, 1.6:1), $514.75 (Volume Sentiment: Sellers, 3.13:1), $511.05 (Volume Sentiment: Sellers, 3.13:1) & $508.47/share (Volume Sentiment: Sellers, 1.54:1), with resistance in the $531.24 (Volume Sentiment: Buyers, 2.2:1), $532.47 (10 Day Moving Average, Volume Sentiment: Buyers, 2.2:1), $533.82 (Volume Sentiment: Buyers, 2.2:1) & $538.28/share (Volume Sentiment: Buyers, 0.7:0*).

IWM, the iShares Russell 2000 ETF declined -3.62% last week, as the small cap index had the worst performance out of the major four index ETFs.

The RSI is approaching oversold territory & currently sits at 35.41, while the MACD has been bearish for the past few sessions.

Volumes were -17.72% below the prior year’s average (23,727,500 vs. 28,836,032), which is even low based on the standards of the prior two index ETF’s Y-o-Y comparisons, as IWM’s look-back comparison is only ~-15% from one year ago.

Tuesday started the week off on a positive, but worrisome note for the already battered IWM, as the week’s lowest volume session resulted in slight gains.

Wednesday saw the unraveling begin, with a gap down open that was below both the closely-knit 10 & 50 DMAs, and prices were able to run higher, temporarily breaking above each, but the day closed with low volume & in-line with the moving averages.

Thursday saw an uptick in volume, as IWM opened in-line with the 10 & 50 day moving averages, before cratering lower & leaving a lower shadow that showed that was still a lot of bearish sentiment abound.

Friday brought one of last week’s observations to the forefront quickly, as the session opened just above the 10 & 50 day moving averages, but the sellers came out at the highest level of 2025 to drive IWM’s price lower, to the point of temporarily breaking through the 200 DMA’s support.

IWM still closed just above the long-term trend line, but it became clear that there is appetite for IWM to continue lower in the near-term.

This is especially likely given that the $212-215.99/share price zone is historically a Seller’s Paradise at a rate of 1.29:1 over the past ~2-3 years.

In the event that this long-term trend does break down, it will be prudent to keep an eye on how the $208/share level holds up, as the Buyer dominated zones beneath it are not as strong as the $208-211.99 zone.

Otherwise, the current best case near-term scenario looks to be IWM oscillating around the 200 DMA while it continues its recent consolidation.

While it isn’t impossible, any upside move would need a great deal of volume behind it before it shows to have any staying power & sustainability, and it would also be stuck beneath some strong resistance levels/zones.

It would be wise to reference the table below in the coming weeks in regards to IWM’s price levels & support/resistance.

IWM has support at the $217.49 (200 Day Moving Average, Volume Sentiment: Buyers, 1.37:1), $216.73 (Volume Sentiment: Buyers, 1.37:1), $214.01 (Volume Sentiment: Sellers, 1.29:1) & $213.97/share (Volume Sentiment: Sellers, 1.29:1), with resistance at the $217.85 (Volume Sentiment: Buyers 1.37:1), $220.67 (Volume Sentiment: Buyers, 1.23:1), $221.04 (Volume Sentiment: Buyers, 1.23:1) & $223.51/share (Volume Sentiment: Buyers, 1.23:1).

DIA, the SPDR Dow Jones Industrial Average ETF fell -2.61% last week, as even the blue chip stocks were not immune to the losses across the board.

The RSI is also approaching the oversold level of 30 & currently sits bearishly at 39.73, while the MACD has been bearish for the past couple of weeks.

Volumes were -11.62% lower than the previous year’s average (2,872,500 vs. 3,250,159), which is a warning sign given that their Y-o-Y prior year’s average volume is only down -6%, so there is a bit of fear out there.

Tuesday saw a low volume session that’s lower shadow on the day’s candle & the fact that the day closed in-line with the resistance of the 10 day moving average signaled that there was a bit of trouble ahead for DIA.

Wednesday opened on a gap lower, tested to about the same depths as Tuesday, before powering north of the 10 DMA’s resistance to close above it for an advancing session.

However, the low volume levels did not provide adequate confirmation that the move had any traction.

Thursday opened lower, near in-line with the 10 DMA’s support, before caving & at one point trading below the $440/share mark.

Volumes ticked up on Thursday, hinting that there would be a big risk-off into the weekend session.

DIA provided that on Friday, while on the highest volume of the week & second highest of the year they opened on a gap down, blew through the 50 day moving average & continued lower, closing in a daily decline of -1.72%.

With the 50 DMA broken through, it puts the long-term trend in danger, as it sits -4.5% below Friday’s closing price.

Now that the 10 & 50 DMAs are both sitting atop the price, it looks like there will be continued weakness & some profit taking in the coming week(s) for DIA.

One area of strength that they have is that there are more support touch-points along the way down to the 200 DMA re-test, but if there are broader market declines that will be of little importance.

Best case outlook for DIA for the rest of the week is a consolidation range around the 50 DMA, but there are a few windows that still haven’t been filled which may lead to a re-test of that long-term trend line sooner than most anticipate.

It would be wise to reference the table below as DIA approaches & retests support/resistance levels over the next week or two to understand how market participants have typically behaved at these levels.

DIA has support at the $432.86 (Volume Sentiment: Buyers, 2.75:1), $430.88 (Volume Sentiment: Buyers, 4.5:1), $427.60 (Volume Sentiment: Sellers, 2.25:1) & $420.93/share (Volume Sentiment: Buyers, 1.5:1), with resistance at the $436.39 (50 Day Moving Average, Volume Sentiment: Buyers, 1.6:1), $442.49 (Volume Sentiment: Buyers, 4:1), $443.39 (10 Day Moving Average, Volume Sentiment: Buyers, 4:1) & $449.41/share (Volume Sentiment: Buyers 0.6:0*).

The Week Ahead

Monday has no major economic data due for release.

BioCryst Pharmaceuticals, Clearway Energy, Domino’s Pizza, Fresh Del Monte, KBR, Owens Corning & Westlake all report earnings Monday before the opening bell, followed by Atlas Energy Solutions, Beyond, BWX Technologies, Cannae Holdings, Chegg, Civitas Resources, Clean Energy Fuels, Cleveland-Cliffs, Coterra Energy, Diamondback Energy, Douglas Dynamics, EverQuote, Goosehead Insurance, Helios Technologies, Hims & Hers Health, JBT Marel, LTC Properties, MediaAlpha, Myriad Genetics, Navitas Semiconductor, ONEOK, Primoris Services, ProAssurance, Public Storage, Quaker Chemical, Realty Income, Riot Platforms, SBA Communications, Tempus AI, Topgolf Callaway Brands, Trex, Trip.com Group, Ultra Clean Holdings, V2X, Veracyte, Viper Energy Partners, Ziff Davis & Zoom Communications, after the session’s close.

Fed President Logan speaks Tuesday at 3:20 am, followed by S&P Case-Shiller Home Price Index (20 Cities) at 9 am & Consumer Confidence at 10 am.

Tuesday’s pre-market earnings calls include Home Depot, AdaptHealth, Alcon, Amer Sports, American Tower, Archrock, Arcus Biosciences, Armstrong World Industries, Bank of Montreal, Bank of Nova Scotia, Carter’s, CECO Environmental, CG Oncology, Delek US Holdings, Diana Shipping, DigitalOcean, Driven Brands, Easterly Government Properties, Elanco Animal Health, Expro Group, GFL Environmental, Harmony Biosciences, Henry Schein, Integra, Interface, International Game Technology, Itron, Keurig Dr Pepper, Kiniksa Pharmaceuticals, Kontoor Brands, Krispy Kreme, LGI Homes, LivaNova, Novanta, Pinnacle West, Planet Fitness, Portillo’s, Public Service, Sealed Air, Sempra Energy, Shoals Technologies, Shutterstock, Super Group, TopBuild, Viking Holdings, Xenia Hotels & Xometry, with Agilon Health, AMC Entertainment, Axon, B&G Foods, Boston Beer, Caesars Entertainment, Camping World, CAVA Group, CCC Intelligent Solutions, Chord Energy, Coupang, Day One Biopharmaceuticals, ExlService, Extra Space Storage, First Solar, Flywire, Grocery Outlet, Huron Consulting, Inogen, Instacart, Interparfums, Intuit, Jack In The Box, Jazz Pharmaceuticals, Keysight Technologies, Lemonade, Light & Wonder, Lucid Group, Maravai Life Sciences, Masimo, Matson, Merit Medical, National Health, ODDITY Tech, OraSure, OUTFRONT Media, Par Pacific, Permian Resources, Playa Hotels & Resorts, PROCEPT BioRobotics, Range Resources, Revolve Group, RLJ Lodging Trust, RxSight, Skyward Specialty Insurance Group, Sprout Social, SPX Technologies, Supernus Pharma, TETRA Technologies, The Baldwin Group, Vaxcyte, WEBTOON Entertainment, Workday, Workiva, Zeta Global, ZipRecruiter & ZoomInfo all due to report after the closing bell.

Wednesday features New Home Sales data at 10 am.

ACM Research, Advance Auto Parts, AerCap, APi Group, Astec Industries, AvidXchange, Avista, Bentley Systems, Bloomin’ Brands, Brinks, CBIZ, Centuri Holdings, Clear Secure, Commscope, Dole, DT Midstream, EMCOR Group, Enovis Corp, Federal Signal, Geron, International Money Express, Janus International Group, Lantheus Holdings, Lineage, Loar Holdings, Lowe’s, Madrigal Pharmaceuticals, MGP Ingredients, National Vision, NRG Energy, ODP Corp, Option Care Health, Photronics, Rhythm Pharmaceuticals, Southwest Gas, StandardAero, Steven Madden, Taboola, The Vita Coco Company, United Parks & Resorts, Verisk Analytics & XPEL all report earnings before Wednesday’s opening bell, followed by the much anticipated Nvidia, Salesforce, Agilent Technologies, Albany International, Alphatec, Ambarella, Applied Optoelectronics, Barrett Business, Beyond Meat, Cactus, CareDx, Certara, Chemed, Chesapeake Utilities, Corcept Therapeutics, Dorman Products, eBay, Encore Capital, Energy Recovery, EPR Properties, Essential Utilities, Establishment Labs, EVERTEC, Expand Energy, FirstEnergy, Forward Air, Green Brick Partners, Greif, HEICO, Howard Hughes Holdings, Ibotta, Innovex International, Invitation Homes, IonQ, Joby Aviation, Kinetik, Kratos Defense and Security, LegalZoom.com, Magnite, MARA Holdings, Marqeta, Marriott Vacations, MYR Group, National Storage Affiliates, New Mountain Finance, Nutanix, Ormat Technologies, Ovintiv, Paramount Global, Pebblebrook Hotel Trust, Pure Storage, Root, Rush Street Interactive, Sarepta Therapeutics, Schrodinger, Seadrill, Sinclair Broadcast, Sitio Royalties, Snowflake, Stoneridge, Sun Communities, Sweetgreen, Synopsys, Talos Energy, Tandem Diabetes Care, Teladoc, TKO Group Holdings, Universal Health, Urban Outfitters, Vir Biotechnology, VSE Corp & Western Midstream who are all due to report after the closing bell.

Initial Jobless Claims, Durable-Goods Orders, Durable-Goods minus Transportation & GDP (second revision) are all due out Thursday morning at 8:30 am, followed by Pending Home Sales data at 10 am & Fed President Hammack speaking at 1:15 pm.

Thursday morning kicks off with earnings from Acushnet, ADT, American Woodmark, Ardagh Metal Packaging, Bath & Body Works, Beacon Roofing Supply, California Water, Cars.com, CIBC, Cogent Communications, Dentsply Sirona, Donaldson, Ducommun, Ecovyst, Endeavor Group, Evergy, Frontdoor, GoodRx, Gray Media, Hayward Holdings, Hilton Grand Vacations, Hormel Foods, Installed Building Products, International Seaways, J.M. Smucker, Kimbell Royalty Partners, Koppers Holdings, Life Time, LifeStance Health Group, Ligand Pharmaceuticals, Macerich, Millicom International Cellular, NCR Voyix, Nexstar, Norwegian Cruise Line, NovoCure, Papa John’s, Payoneer, PENN Entertainment, Playtika, Privia Health, Royal Bank of Canada, Scholar Rock, SITE Centers, Sotera Health, Stagwell, Starwood Property Trust, Strategic Education, TechnipFMC, Tecnoglass, TEGNA, Teleflex, Thryv, Toronto-Dominion Bank, Trimas, Vericel, Vertex, Vital Farms, Warby Parker & Warner Bros. Discovery, with Acadia Healthcare, Alignment Healthcare, Alkami Technology, Ameresco, American Healthcare REIT, Arcadium Lithium, Arcosa, Arlo Technologies, Array Technologies, Assured Guaranty, Astrana Health, Autodesk, AvePoint, Bloom Energy, Bloom Energy, Collegium Pharmaceutical, Compass Diversified, Crinetics Pharmaceuticals, CubeSmart, Cytokinetics, Definitive Healthcare, Dell Technologies, Diamondrock Hospitality, dLocal, DoubleVerify, Duolingo, Edison International, Elastic, FIGS, Inc., Fox Factory Holding, Green Dot, HP Inc., ICF International, ICU Medical, Iovance Biotherapeutics, Jamf Holding, MasTec, Metallus, Mosaic, Natera, NetApp, nLIGHT, Opendoor Technologies, Opko Health, Paramount Group, Pembina Pipeline, Perrigo, Progyny, PubMatic, Redfin, Rocket Companies, Rocket Lab USA, Solventum, SoundHound AI, Sunrun, Talen Energy, TransMedics Group, Treace Medical Concepts, Tutor Perini & Verra Mobility all scheduled to report after the closing bell.

Friday the week winds down with Personal Income, Personal Spending, PCE Index, PCE Index (Year-over-Year), Core PCE Index, Core PCE (Year-over-Year), Advanced U.S. Trade Balance in Goods, Advanced Retail Inventories & Advanced Wholesale Inventories data at 8:30 am, followed by Chicago Business Barometer (PMI) at 9:45 am, Existing Home Sales & Consumer Sentiment (final) at 10 am & Fed President Goolsbee speaking at 10:15 am.

Alpha Metallurgical Resources, ANI Pharmaceuticals, Apellis Pharmaceuticals, Chart Industries, Chart Industries, Fulgent Genetics, Integral Ad Science, Northwest Natural, Owens & Minor & PAR Technology are all due to report earnings before Friday’s 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 ***