Author: OptimizedValue

SPY, the SPDR S&P 500 ETF gained +4.01% last week, while the VIX closed at 16.56, indicating an implied one day move of +/-1.04% & an implied one month move of +/-4.79%.

Their RSI is currently between neutral & overbought sitting at 59.02, while their MACD crossed over bullishly on Friday, but the histogram is not indicating that it was a particularly strong move.

Volumes were -28.58% below average last week compared to the previous year’s average (48,658,000 vs. 68,131,937), which is a warning signal given that all of the five sessions of the week were advancing.

Monday kicked SPY’s week off on an uncertain note, as the session opened midway between Friday’s candle’s real body & wound up closing as a spinning top on the week’s second lowest volume, forming a bullish harami with Friday’s candle.

It’s worth noting that the 50 day moving average’s resistance was not tested during this session.

Tuesday the trend continued, as the session opened on a gap higher, tested below the real body of Monday’s candle, before closing just beneath the resistance of the 50 DMA, creating a dragonfly doji on the week’s weakest volume.

The bulls won on Wednesday though, as SPY opened in line with the 50 DMA, tested lower, before ultimately rallying higher & closing above the 50 & 10 day moving averages, turning their resistance levels to support.

Wednesday had the strongest volume of the week by far, however it also covered the widest range of prices throughout the session by far as well for the week, including the need to push past the two resistance points created by the moving averages.

It is also worth noting that the low point on Wednesday’s session was near the $540/share price level, which is roughly in line with the previous Friday’s close, indicating that there was still enough bearish appetite left in the market to push prices back in that direction.

Thursday the rally continued & SPY edged higher, solidifying the 10 DMA’s support on its test on the daily low, but again, the volumes were still very light (despite being the second highest of the week).

Friday was the most interesting day of the week, where the middle of the pack volume accompanied a gap up spinning top, indicating a big lack of confidence at the current price level.

This is further confirmed by the inability of the day’s high to break above the $564.20/share resistance level, which is the next closest one to the all-time high of $565.16.

This sets the market up for an interesting new week for SPY, as another key area to note is that the bottom is even more narrow on the “Adam scallop” recovery from the early September declines, indicating a lack of confidence in the leg higher.

Broadening patterns tend to perform better than those that are more narrow, as more price levels are tested, new support & resistance levels are created & there is more validity behind each price level tested.

Additionally, Friday’s gap up may set the stage for an evening star reversal (bearish) in the event of weakness on Monday’s session.

This week volume will continue to be a major theme, along with what Monday’s session sets up the rest of the week for, as there will be a handful of earnings reports & the FOMC Interest Rate cut decision due Wednesday.

There is 0.56% upside from Friday’s closing price & SPY’s all-time high that was set in July 2024, meaning that for the most part any further bullishness would reset SPY’s all time high.

Given that the high in August of $564.20 was unable to reach the ATH & there has been limited good news since then it is hard to see SPY taking off much higher here.

However, investors should keep their eye open in the event of a move higher to be sure that it is not a false breakout that throws back into the current price range/begins a decline.

It will also be important that in the event of any downside movement that market participants watch the support zone between $549.73-$554.87, as in the event that it breaks down there is another 2% of space for their price to decline before another support level is found.

Keep an eye on SPY’s RSI this week as well, as it is approaching its highest levels of the past month, which may indicate that there is some selling on the horizon.

SPY has support at the $554.87 (Volume Sentiment: Buyers, 2:1), $552.74 (10 Day Moving Average, Volume Sentiment: Buyers, 2:1), $549.73 (50 Day Moving Average, Volume Sentiment: Buyers, 2:1) & $539.44/share (Volume Sentiment: Buyers, 0.7:0*) price levels, with resistance at the $564.20 (Volume Sentiment: Buyers, 0.8:0*) & $565.16/share (All-Time High, Volume Sentiment: NULL, 0:0*) price levels.

QQQ, the Invesco QQQ Trust ETF that tracks the NASDAQ 100 advanced +5.94% last week, as market participants flocked into the tech heavy index over the other major four index ETFs.

Their RSI is currently at 55.88, just above the neutral mark of 50 while their MACD crossed over bullishly on Friday.

Volumes were -11.96% below the previous year’s average volume (37,958,000 vs. 43,116,245), which while it is a better “participation rate” than SPY’s is still rather low, particularly when you factor in how much the annual average volume level has declined since only six months ago (comparison for all index ETFs in 8/18/2024’s Market Review Note here).

QQQ’s week was quite a bit like SPY’s, as has been the case for the past year when the AI & Semiconductor component names have driven these indexes higher than IWM or DIA.

Monday opened up with a spinning top candle midway through Friday’s candle’s real body on weak volume, with a lower shadow that indicated a lot more bearish sentiment that bulls ultimately overcame before the close & the day’s candle formed a bullish harami with the previous Friday’s.

Tuesday showed a gap up open for QQQ, a test to the downside towards Monday’s opening price, but ultimately a rally higher that closed for an advancing session.

QQQ gapped up again on Wednesday, however it also tested lower than Tuesday & lower than Monday’s opening price level during the session, despite breaking out above the 10 day moving average’s support & closing between it & the 50 DMA’s resistance.

Wednesday also had the highest volume of the week for QQQ, which is to be expected given that the day’s range covered the majority of the entire week’s advance as one session.

Thursday the gains continued, the volume was the second highest of the week & despite testing lower briefly, QQQ was able to break out about the 50 Day Moving Average’s resistance.

Friday showed the weakest volume of the week for QQQ, as well as the potential warning sign for the near-term, despite advancing +0.45%.

While the upper shadow was not long enough to categorize Friday’s session as a shooting star, there are certainly bearish implications with how the week ended, particularly as like SPY the recovery from the losses of early September were unable to break above any of the top three resistance levels & the bases of them are all contracting.

While volumes were certainly closer to levels that they’re historically at last week, they still aren’t particularly strong, especially when viewed through the lens of how diluted the average annual volume has become in the wake of the past few months.

It would also be wise to keep an eye on QQQ’s RSI this week, as it is approaching levels it has reversed at in the previous month.

While this doesn’t mean QQQ will necessarily reverse at the same levels again, there has been little good news coming out since these levels were last hit, making it more likely that they’ll reverse there again.

The relationship between each day’s price action & the support levels of the 50 & 10 DMAs will also be important to keep an eye on, as within the past week both of these moving averages have seen a lot of tests as both support & resistance levels, and while prices climbed all week, there was still a lot of interest to the downside based on the daily candles’ lower shadows.

In the event that the $475.55 resistance level is broken through, all eyes will be on the $485.54 resistance level, which if unable to be broken through will indicate that there is likely an impending decline.

QQQ has support at the $470.49 (50 Day Moving Average, Volume Sentiment: NULL, 0:0*), $463.87 (10 Day Moving Average, Volume Sentiment: Even, 1:1), $459.85 (Volume Sentiment: Buyers, 0.9:0*) & $448.63/share (Volume Sentiment: Sellers, 2.3:0*) price levels, with resistance at the $475.55 (Volume Sentiment: Buyers, 2.5:1), $485.54 (Volume Sentiment: Buyers, 1.3:0*) & $503.52/share (All-Time High, Volume Sentiment: Buyers, 0.4:0*) price levels.

IWM, the iShares Russell 2000 ETF climbed +4.03% last week, making the small cap index the second most favored of the major four index ETFs.

Their RSI is just above the neutral 50 mark & sits at 56.33, while their MACD is still bearish, but approaching the signal line rapidly & may cross bullishly in the coming day or two.

Volumes were -21.26% below average last week compared to the previous year’s average volume (27,768,000 vs. 35,267,233), as investors were still relatively on the fence about diving back into the small cap pool.

IWM also began their week on an uncertain note, as the session opened slightly above Friday’s close & tested lower, before ultimately tested back above the $210/share mark & settling into a tight-range spinning top candle just above the day’s open (but not close enough to be a doji) that formed a bullish harami with the prior Friday’s candle on some of the weakest volume of the low volume week.

Tuesday confirmed the uncertainty in the air, as the session opened slightly higher, tested a small amount higher, before puking lower to below the $206/share range & ultimately closing in a candle whose real body looked like a slightly stretched out dragonfly doji; indicating the uncertainty was there but there was also a possible squeeze moving into the latter half of the week.

Wednesday saw an uptick in volume, as well as a test much lower after the session’s open, but managed to rally into the sloe & end the day slightly higher.

Thursday opened on a gap up that tested back against the downside & Wednesday’s closing price before rallying higher, breaking the 10 day moving average’s resistance briefly before getting denied by the 50 DMA’s resistance & tumbling back to close as an advancing session but below both the 10 & 50 DMAs.

Friday made for an interesting close to the week, as IWM gapped up above both the 10 & 50 DMA’s on the open, briefly tested a bit lower but did not approach other support level before ultimately rallying into the close for a +2.47% advance.

While the session came on the strongest volume of the week, much like QQQ it closed unable to reach the top three resistance levels from the past 52-weeks.

These levels are all ~2.6%+ from Friday’s closing level, but when paired with the contracting bottoms forming in each of the past few declines’ recoveries there is cause for concern.

Volume will continue to be a main theme for IWM this week just like the past few weeks.

Much like SPY & QQQ, IWM’s RSI will also be a place to be mindful of as it too is approaching the levels it last reversed at in August.

The support of the 50 & 10 DMA’s will also be an area of focus, as if they break down IWM will enter an area where there is a support level roughly every 1% further down, with zones in the $202.36 (200 Day Moving Average)-$204.21 & $195.35-198.60.

Should prices enter these zones the chart below will be helpful for establishing how strong each support point may be when tested.

Note that the 200 DMA is i the weakest price range in terms of Buyer:Seller strength in the event that it is tested in the coming week(s).

IWM has support at the $215.38 (Volume Sentiment: NULL, 0:0*), $213.38 (Volume Sentiment: NULL, 0:0*), $212.04 (Volume Sentiment: NULL, 0:0*) & $211.29/share (Volume Sentiment: Buyers, 2.4:0*) price levels, with resistance at the $222.45 (Volume Sentiment: NULL, 0:0*), $226.64 (Volume Sentiment: NULL, 0:0*) & $228.63/share (52-Week High, Volume Sentiment: NULL, 0:0*) price levels.

DIA, the SPDR Dow Jones Industrial Average ETF had the worst week of the bunch, only notching +2.59% for the weekly gain.

Their RSI is midway between the neutral point of 50 & the overbought level of 70, sitting at 61.32, while their MACD is poised to cross the signal line bullishly on Monday.

Volumes were -7.51% below the previous year’s average (3,296,000 vs. 3,563,715), as investors have remained relatively resilient in terms of participation in trading the blue chip index.

DIA’s week started off with a bullish harami formed by Monday & the previous Friday’s candle last week, but there were signs of weakness as the 10 day moving average’s resistance was unable to be broken through.

Tuesday this trend continued, as the session opened optimistically at the 10 DMA’s resistance level, but was unable to break out above it & wound up declining throughout the day, so low as to even test the ~$405/share level & the session ultimately resulted in decline.

The cautious sentiment carried on into Wednesday, where prices opened lower, tested all the way down to break beneath the support of the 50 day moving average temporarily, before recovering to go on to test & get rejected by the 10 DMA’s resistance & ultimately close for an advancing session.

Thursday saw DIA open just below the resistance of the 10 DMA, test lower almost all the way down to Wednesday’s opening price level, before DIA rallied higher, broke through the 10 DMA & closed above it turning it into a support level.

Friday is where things got interesting, as the day opened on a gap up, did not test much lower than the open & trudged higher on the highest volume of the week.

However, the size of Friday’s candle’s upper shadow is cause for concern, as it signals that the bears came out in droves & took profits sending the closing price lower than the day’s high.

Like the previously mentioned names, volume will be a heavy part of the story this week for DIA in terms of dictating where market participant sentiment lies.

Their RSI is also approaching the level it reversed at last month like the other three ETFs mentioned above, and while DIA’s may venture slightly higher as the index is filled with blue chip names, that would begin encroaching on overbought territory, which would trigger some form of consolidation/correction in price.

In the event that is triggered & prices decline there is a strong zone of support in the $399-400 & $395.08-397.76 price ranges that have multiple touch-points each within them & it will be interesting to see how they hold up, given that they have had limited testing against downside movements.

The table below can help assess how strong each support level may be based on historic Buyer:Seller activity.

DIA has support at the $413.33 (Volume Sentiment: NULL, 0:0*), $410.33 (10 Day Moving Average, Volume Sentiment: NULL, 0:0*), $403.79 (50 Day Moving Average, Volume Sentiment: NULL, 0:0*) & $400.81/share (Volume Sentiment: NULL, 0:0*) price levels, with resistance at the $416.55/share (All-Time High, Volume Sentiment: NULL, 0:0*) price levels.

The Week Ahead

Monday starts the week off with the Empire State Manufacturing Survey data at 8:30 am & there are no major earnings reports.

U.S. Retail Sales & Retail Sales minus Autos are due out Tuesday at 8:30 am, followed by Industrial Production & Capacity Utilization data at 9:15, before Business Inventories & Home Building Confidence Index data is released at 10 am.

Ferguson reports earnings before Tuesday’s opening bell.

Wednesday begins with Housing Starts & Building Permits data at 8:30 am before the eagerly anticipated FOMC Interest Rate Decision at 2pm & Fed Chair Powell’s Press Conference at 2:30 pm.

General Mills reports earnings before Wednesday’s opening bell, with Steelcase scheduled to report following the session’s close.

Initial Jobless Claims & the Philadelphia Fed Manufacturing Survey data come out Thursday at 8:30 am, followed by Existing Home Sales & U.S. Leading Economic Indicators at 10 am.

Thursday brings Cracker Barrel, Darden Restaurants, Endava & FactSet’s earnings call’s before the session opens, with FedEx, Lennar, & MillerKnoll all scheduled to report after the close.

There are no major economic announcements or earnings reports due out on next Friday.

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 fell -4.14% last week, while the VIX closed at 22.38, indicating a one day implied move of +/-1.41% & a one month implied move of +/-6.47%.

Their RSI is trending downward & sits at 41.19, while their MACD has crossed over bearishly & is in decline.

Volumes were still weak, coming in -19.47% below the previous year’s average volume (55,142,500 vs. 68,478,379 ((Note that this week’s data source is different, hence the rounded weekly figure*))), which as noted in previous weeks when we look at from the perspective of March 31,2024’s market note we see that this is even weaker participation, given that volumes have declined markedly following April 2024.

The average calculation has been using a low volume environment for coming on five months, meaning that the benchmark average volume calculation is nearly half diluted with very low volume compared to prior year’s.

This makes the clear lack of confidence in the market based on volume even more jarring, but is not something that is being mentioned very frequently.

September started with a bang for SPY, as last Tuesday on the first trading day of the month following the Monday holiday, when the day opened above the 10 day moving average’s support before blowing through it to the downside to test the 50 DMA’s support.

The 50 DMA held & the session closed above it, while volumes were close to the previous Friday’s advancing volume.

The negativity continued on Wednesday when SPY opened just above the 50 day moving average’s support, tested lower but the 50 DMA maintained strength & SPY would up testing higher & settled the session still down, but higher than it opened.

Wednesday’s candle was a spinning top, indicating that there was some uncertainty on the part of market participants, which is supported by the session’s low volume.

Thursday the uncertainty continued, as the session opened within the prior candle’s real body, tested higher before breaking down through the 50 DMAs support thanks to the bears, but the bulls were able to force the close to be back around that 50 DMA, resulting in a bearish spinning top candle on a low volume session, waning confidence & uncertainty continued.

Friday the 50 DMA broke down on a wide range session that resulted in a daily decline of -1.68% on the highest volume of the week; folks were ready to get out of the pool going into the weekend.

Given CPI & PPI are due to be released in the week ahead folks are a bit on edge, particularly as to see what magnitude the readings may contribute towards the impending rate cut later this month.

This coming week all eyes will remain on the volume noted above to see if it increases & in which direction, as that will be the best measurement of market sentiment currently.

The other primary place to keep an eye on will be the 10 & 50 day moving averages, both of which are now acting as resistance levels pressuring down on SPY’s price.

The view of the past few weekly notes that compare the current market situation to last September & October’s are still in play, but an eye will also be kept on July/August as well before that squeezed rally of mid-August that couldn’t must up the ability to break the all-time high for SPY set in July.

The chart below is worth taking a look at when looking at SPY’s current support levels, as they are a bit spaced out, making it even more important to have a read on price level sentiment as they are approached in the future.

SPY has support at the $537.45 (Volume Sentiment: Buyers, 0.7:0*), $531.35 (Volume Sentiment: Buyers, 1.5:1), $522.92 (Volume Sentiment: Sellers, 1.39:1) & $516.69/share (Volume Sentiment: Buyers, 2.36:1) price levels, with resistance at the $549.04 (50 Day Moving Average, Volume Sentiment: Buyers, 2:1), $554.87 (Volume Sentiment: Buyers, 2:1), $555.78 (10 Day Moving Average, Volume Sentiment: Buyers, 1.6:1), & $564.20/share (Volume Sentiment: Buyers, 0.8:0*) price levels.

QQQ, the Invesco QQQ Trust ETF that tracks the NASDAQ 100 declined -5.79% last week, faring the worst of the major four index ETFs.

Their RSI is in decline & trending towards the oversold 30 mark, currently sitting at 37.08 while their MACD is in bearish decline.

Volumes were only -5.93% below the prior year’s average last week (40,642, 500 vs. 43,204,980), which while it is the best of the major four index ETFs, it should be noted that there was only one advancing day for QQQ last week, making this rather negative sentiment.

QQQ’s week began on a more sour note than SPY’s, as the ETF broke below the 50 day moving average & continued lower throughout the session to close with the 10 & 50 DMAs as overhead resistance on the second highest volume of the week.

Tuesday & Wednesday were equally as confused as SPY’s as both sessions resulted in spinning top candles on lackluster volume compared to the other days of the week, but QQQ’s Thursday did at least offer a glimmer of hope & optimism as the session did result in an advance, after Wednesday’s opened lower but despite closing down on the day did close above the opening price.

All of this happened while the 10 DMA was crossing bearishly through the 50 DMA, setting up the decline for Friday’s risk off into the weekend -2.68% decline.

While we’ve often noted how NVDA & the other semiconductor/AI components of SPY & QQQ have caused them to advance in similar fashion, one main distinction is how near the 200 day moving average QQQ is.

QQQ sits <2% above their 200 day moving average’s support, which is broken will be indicative of a major loss of investor confidence in the tech-heavy index.

This already happened once briefly in the past month & a half, as one declining session was a large gap down that ultimately pushed higher to close the day down, but higher than the opening price.

This will also be an interesting area to watch as there are a number of ETFs that are specifically focused on individual names & sectors that are components of QQQ, which will likely all be adversely impacted should QQQ trend below their 200 DMA.

As has been previously mentioned on here, QQQ’s slower & more gradual ascent over the past year has set it up with a more solid number of support levels than SPY.

With this in mind, QQQ’s lack of exposure to banks/financials may cause it to drift lower faster than SPY, despite having healthcare names due to the emphasis on technology companies.

It will also be interesting to see if volume from last week holds up, and if it does in which direction the price action is in & the daily range said prices cover as that will be a big tell on market participant sentiment.

QQQ has support at the $448.63 (Volume Sentiment: Sellers, 2.3:0*), $445.28 (Volume Sentiment: Buyers, 11.5:1), $442.35 (Volume Sentiment: Buyers, 1.76:1) & $440.56/share (200 Day Moving Average, Volume Sentiment: Buyers, 1.76:1) price levels, with resistance at the $459.85 (Volume Sentiment: Buyers, 0.9:0*), $468.25 (10 Day Moving Average, Volume Sentiment: NULL, 0:0*), $472.30 (50 Day Moving Average, Volume Sentiment: Buyers, 2.5:1), & $475.55/share (Volume Sentiment: Buyers, 2.5:1) price levels.

IWM, the iShares Russell 2000 ETF dropped -5.53% last week, as even the small cap index was unable to fly under the radar during a week of declines.

Their RSI is declining & currently at 41.83, while their MACD has crossed over bearishly & is in decline.

Volumes were -19.21% below the previous year’s average (2,838,000 vs. 3,539,407), as all four days of the week declined on subpar volume.

Tuesday the party got started for IWM with an open above the 10 day moving average’s support & a brief advance higher before tumbling to the downside straight through it on the week’s second highest volume.

Wednesday showed the same lack of conviction but negative feelings as SPY & QQQ, as the day opened on a gap lower, tested & briefly dipped below the 50 day moving average’s support before rallying back & closing higher but still on a declining session with low volume.

Thursday was able to close below the 50 day moving average, turning it from support to resistance, but also confirming that the negative sentiment is here to stay at least in the near-term as the day’s candle completed a bearish engulfing pattern.

Friday confirmed this as the session opened lower, tested back above the resistance of the 50 DMA, before ultimately settling down -1.9% on the day.

IWM is near a number of support levels after a -1% decline further due to the relatively range-bound oscillating it’s price action does as it gradually advances & declines.

However it would be wise to assess the strength & weakness of each support level’s price on the table below to have an understanding of how strong or weak the volume sentiment has previously deemed the price level.

The volume levels of the coming week(s) will also be important for IWM, as it will shed insight into overall market sentiment & whether the small cap names may be a safe haven of sorts during any further decline.

IWM’s 200 day moving average is also only ~3% from Friday’s closing price, causing similar concerns to what was just outlined about QQQ, with the notable difference being that IWM was supported during their recent brief daily brush with the support level in early August.

IWM has support at the $207.27 (Volume Sentiment: Buyers, 1.97:1), $204.40 (Volume Sentiment: Buyers, 1.97:1), $203.68 (Volume Sentiment: Buyers, 1.13:1) & $201.51/share (200 Day Moving Average, Volume Sentiment: Buyers, 1.13:1) price levels, with resistance at the $209.19 (Volume Sentiment: Buyers, 2.4:0*), $209.29 (Volume Sentiment: Buyers, 2.4:0*), $211.29 (Volume Sentiment: Buyers, 2.4:0*), & $212.49/share (50 Day Moving Average, Volume Sentiment: NULL, 0:0*) price levels.

DIA, the Dow Jones Industrial Average ETF dipped -2.82% last week, faring the best for a second consecutive week out of the major four index ETFs.

Their RSI just crossed bearishly through the neutral 50 mark & sits currently at 47.56, while their MACD is in bearish decline.

Volumes were weak though, -19.05% below the previous year’s average (2,865,000 vs. 3,539,407), which is indicative of waning enthusiasm on the part of investors, especially given the blue chip nature of DIA’s component stocks & the fact that three of the past four sessions were declining sessions.

Tuesday started the week off on weak footing for DIA, as prices declined through the support at the 10-day moving average on the highest volume of the week.

Wednesday offered a glimmer of optimism as the session opened higher, went above the 10 DMA’s resistance briefly, but ultimately resulted in what would be a shooting star candle if it came at the end of an uptrend, indicating that there was still blood in the water & bears had unfinished business to handle.

Thursday confirmed the bearish sentiment, as prices opened in line with the 10 DMA’s resistance, before testing much lower & still settling on a decline.

Friday made one last run at the 10 DMA’s resistance before ultimately declining for a -.098% daily loss heading into the weekend on the week’s second highest volumes.

This week DIA’s 50 DMA will be in focus, as prices closed last week within 1% of the support level, but with a lot of bearish sentiment behind the name.

Their 10 DMA’s resistance level is now curled over & applying downwards pressure on price, but much like IWM, DIA has a solid floor of support levels beneath it, making it worth looking at the table below to see how strong each price level is & how likely it is to maintain strength or succumb to selling pressure.

Like the other index ETF’s previously discussed, the period about one year ago from today is a good place to look for clues into how markets may treat DIA in the near-term, particularly in the event that their 200 DMA’s support is tested (-4.72% from Friday’s closing price).

DIA has support at the $401.88 (50 Day Moving Average, Volume Sentiment: NULL, 0:0*), $399.31 (Volume Sentiment: Buyers, 2:1), $397.76 (Volume Sentiment: Buyers, 2:1) & $396.62/share (Volume Sentiment: Buyers, 2:1) price levels, with resistance at the $411.25 (10 Day Moving Average, Volume Sentiment: NULL, 0:0*), $413.33 (Volume Sentiment: NULL, 0:0*) & $416.55/share (All-Time High, Volume Sentiment: NULL, 0:0*) price levels.

The Week Ahead

Monday the week begins with Wholesale Inventories at 10 am & Consumer Credit data at 3pm.

Calavo Growers, Mission Produce, Oracle & Rubrik all report earnings after Monday’s closing bell.

NFIB Optimism Index data is reported at 6 am on Tuesday.

Academy Sports + Outdoors & Cognyte Software report earnings Tuesday morning before the opening bell, with Dave & Buster’s Entertainment, GameStop & Petco Health & Wellness due to report after the session’s closing bell.

Wednesday morning Consumer Price Index, CPI Year-over-Year, Core CPI & Core CPI Year-over-Year are all reported at 8:30 am.

Oxford Industries reports earnings after Wednesday’s closing bell.

Initial Jobless Claims, Producer Price Index, Core PPI, PPI Year-over-Year & Core PPI Year-over-Year are all due to be reported at 8:30 am Thursday, with the Monthly U.S. Federal Budget data coming out at 2pm.

Thursday morning’s earnings reports include Caleres, Kroger, Lovesac & Signet Jewelers, with Adobe & RH scheduled to report after the session’s close.

Friday the week winds down with Import Price Index & Import Price Index minus Fuel at 8:30 am, followed by Consumer Sentiment (prelim) data at 10 am & there are no noteworthy earnings reports scheduled for the day.

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 ***