Week 27: Weekly Preview & Recap

Hello members! We hope your weekend is going well. We’re hoping to help get your game-planning on track by taking a few minutes to look at the week ahead.

That’s a quick glance at the econ reports, earnings schedule and the weekly charts in an effort to “zoom out” and get a better idea of where things stands on the larger timeframes.

Quick Recap

The short week was not a rewarding one for the bulls. Seasonality suggested the first week of July was one of the strongest stretches for the bulls. Combined with low volume — AKA “thin to win” — it seemed like it should have been a layup.

It was anything but.

The S&P index fell in 3 of out last week’s 4 trading sessions, ending with a three-day skid. The only “up” day came on Monday — the half session — where the S&P gained 12 basis points.

For the week, the S&P lost about 51.5 points or just over 1%. The VIX gained ~9%.

• Nasdaq index fell 127 points or 1.27%

  • ARKK fell 0.93%

• Dow fell 672 points or 1.96%

• Russell fell 24 points or 1.27%

• 10-year yields (TNX) climbed 6%

• Dollar Index (DXY) fell 0.64%

• Bond futures (/ZB) fell 2.5%

The Week Ahead

On the one hand, the market is banging its head on YTD highs. The S&P has done well, up more than 15% so far in 2023. The Nasdaq has roared higher by more than 30%.

However, we have a number of Fed speakers on Monday and Tuesday, the CPI print on Wednesday and earnings start on Thursday/Friday.

Earnings

A mostly quiet week until we get to Thursday and Friday.

On Thursday, Delta and PepsiCo kick off earnings. The banks — JPM, C, WFC — begin reporting Friday morning.

Economic Reports

The S&P 500

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