Preview of Week Ahead
Hope you all had a good holiday weekend. Going forward we will be having a brief weekly email to preview the upcoming week.
Format will be: A look at the Indices, key upcoming events, Upcoming Earnings reports and finally interesting charts/set-ups
Indices
Dow Jones advanced 2.98% in the last week
S&P 500 advanced 2.02% in the last week
Nasdaq Composite advanced 1.83% in the last week
IWM advanced 3.58% in the last week (notable)
Key upcoming events
Tuesday:
The NFIB Small Business Optimism Index for June. This will offer a look at the sentiment among small business owners
Consumer Credit report: data on consumer borrowing habits.
Wednesday:
Federal Open Market Committee (FOMC) meeting minutes
Wholesale Inventories data. This will providing information on the state of business inventories.
Thursday:
weekly initial jobless claims, an indicator of the health of the labour market.
Friday:
The Monthly U.S. federal budget will be released.
Upcoming Earnings
Week starting July 7 is a quiet week for earnings. Second quarter earnings will kick off properly the week after with major institutions like JPM, Citi and WFC scheduled the week starting July 14th. Nevertheless below is the infographic from Earnings Whispers for the upcoming week.
Interesting charts
SPX
Sits currently at 6227.42, RSI 75.57. 6.65% above 50SMA.
At Indices level we don’t often get >7% beyond 50SMA, usually some digestion takes place there. We are already tagging upper Bollinger Band. Garden variety PB to 21SMA wouldn’t be a surprise.
$BTCUSD (Currently Long)
Currently $108,856. ~2.50% above 50SMA
15.29% YTD.
All Key MA’s up-trending. Chart has shown steady accumulation since April, during which time it did show RS also.
A break above prev ATH of 111,980 is probable. Would be bullish for Crypto equities
COIN (Currently Long)
I have been posting about COIN for a while and when was 100 called for 300. Now think 400-420 in play. Chart is a huge cup and handle
Below is ConnorJBates take on Twitter:
https://x.com/ConnorJBates_/status/1941896237319373003
CRCL (Currently Long)
A new hot IPO which is a key player in the digital asset and cryptocurrency infrastructure space, providing services that enable businesses to accept and send digital currency payments globally. Market has growing attention to the real-world asset (RWA) tokenization sector and the role that regulated stablecoins are expected to play in the future of finance.
Below is SHakePryzby1 take on Twitter:
https://x.com/ShakePryzby1/status/1941968766386250106
As always, I will post any live updates as we go along in the subscriber chat and discord. Any questions let me know.
Thank you for reading and enjoy the week ahead!