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Figure Heloc It was a week in two parts as heavy selling hit markets to start the week as the post-FOMC slump continued. That turned around yesterday in part due to strong revenues from Micron and the bounce continued today. A lower US CPI also helped even if it was likely skewed by data collections problems due to the government shutdown.On net, for the week the S&P 500 finished the week virtually flat.On the day:S&P 500 +0.8%Nasdaq Comp +1.1%Russell 2000 +0.8%DJIA +0.3%Toronto TSX +1.2%Today was a strange day because it featured the largest options expiration in history — an estimated $7.1 trillion. Ultimately, that led to some fairly normal price action after a burst of buying at the open. We spent the last half of the day in a tight range.The winners on the day featured a mixture of recent losers (short covering?) and some momentum names:Carnival Cruise LinesModernaMicronOracleAMDNorwegian Cruise linesAll were up more than 5% to lead the S&P 500.The laggards:Nike (-10.9%)Lamb WestonDH Horton (housing is struggling)LululemonThe Mag7 names were mostly restrained, which might have been due to heavy options expiries:NVDA +3.4%MSFT -0.1%AMZN +1.0%TSLA -0.2%AAPL -0.5%META +0.2%GOOG +0.6%
This article was written by Adam Button at investinglive.com.
đź’ˇ DMK Insight
The recent market volatility highlights a critical inflection point for traders: the post-FOMC slump has given way to a potential rebound fueled by strong earnings and a lower CPI. Micron’s impressive revenue report has reignited bullish sentiment, suggesting that tech stocks could lead the charge if this momentum holds. However, traders should remain cautious; the CPI’s decline might not reflect the underlying inflationary pressures accurately, especially if skewed. This discrepancy could lead to sudden shifts in market sentiment, particularly if upcoming economic data contradicts the current narrative. For day traders, watching the intraday price action around key levels will be crucial, especially if the S&P 500 approaches resistance around its recent highs. On the flip side, if the market fails to sustain this rally, we could see a quick reversal, especially if profit-taking kicks in. Keep an eye on Micron’s performance as a bellwether for tech stocks and monitor the broader market’s reaction to upcoming economic indicators. The next few sessions will be pivotal for establishing a clearer trend.
đź“® Takeaway
Watch for S&P 500 resistance levels; a failure to hold could trigger profit-taking and a market reversal.
