Market Report Jan 30th For the heavy weights in the community Short-term momentum remained positive last week, lifting the SPX above resistance, such that a breakout would be confirmed this Friday on a close above ~4050. A short-term overbought downturn cautions against positioning for upside follow-through prematurely. If a breakout is confirmed, next resistance is ~4225 One possible breakout to watch this week is in heavyweight NVDA, which cleared important resistance last week. Should it hold above $188 through Friday, a breakout would be confirmed in a market positive, whereas a failed breakout would be a setback. Since January 12th, there has been a positive impact of the rebound in the megacaps on the major indices. The rally rests on the shoulders of heavyweights AAPL, AMZN, and GOOGL, which are showing softness today as the market anticipates their earnings reports this week.
Posted by Suze at 2023-01-30 14:28:29 UTC