SPX-Again prey to doubts?

Here is the content of this article:- the last session of the week - The main events of the week.-The current market atmosphere - The levels selected for the SPX - Agenda for the coming week

WEEK SUMMARY

After Thursday's strong optimism, stocks fell on Friday as investors digested the first wave of big bank earnings reports, as well as a weak retail sales report.

$S&P 500(.SPX)$ fell 0.2% but is up 0.8% on the week, rising in four of the past five weeks.

$NASDAQ(.IXIC)$ , which fell 0.4% today but rose 0.3% on the week.

$DJIA(.DJI)$ fell 0.4% but advanced 1.2% weekly.

MAIN EVENTS

• On Thursday, the equity market saw a strong and broad rally on Thursday, helped by encouraging inflation data (CPI -PPI) - More details here

Big Bank Results:

$JPMorgan Chase(JPM)$ beat expectations with profits jumping 52% year-over-year, while revenue rose 25%. JPMorgan Chase, $Citigroup(C)$ and Wells Fargo all exceeded expectations.

$JPM

The big banks seem to be taking advantage of the turmoil. JPMorgan and others saw inflows of deposits in the final weeks of the quarter after Silicon Valley Bank and Signature Bank fell. The failures of these banks may have prompted customers to transfer money to larger lenders, which are seen as stronger and more strictly regulated.

MARKET SCENARIO

• Investors hope that slowing inflation will prompt the Federal Reserve to stop raising interest rates, which aim to reduce inflation by reducing economic demand.

The Federal Open Market Committee, which sets rate policy, is due to meet in early May to consider its next policy move. According to the barometer, another rate hike of 25 basis points is on the agenda...

But soaring inflation expectations and some hawkish rhetoric from the Fed, have bolstered the idea that the Fed might raise rates not just in May but also in June...

And that the economic situation would give it room to to act…

EPS

Fed Governor Christopher Waller also said inflation was “still way too high” during a speech on Friday, and there was still work to be done.

SPX LEVELS

• SPX's trend channel from the SBV lows remains fully intact. 4200 is the next big resistance to watch.

Please find below the levels selected for the SPX (Last week)

• Key levels: 4000 - 4100-4150

• Upper zone: 4150-4175 and 4200 in major resistance

• Lower Zone: 4100-4050-4000 and 3900 in major resistance

SPX Levels

AGENDA

• Empire State Manufacturing Index (Monday)

• Evolution of job seekers in England and inflation index canada (Tuesday)

• England inflation index (Wednesday)

• US jobless claims on Thursday

US, UK, German manufacturing and services PMIs (Friday).

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@TigerStars @CaptainTiger