To The Moon

All thanks to Tiger for awarding the weekly top predictions for SPY once again ☺️ $SPDR S&P 500 ETF Trust(SPY)$ Bullish Banking News Update: First Republic Bank likely to be removed from S&P 500 as market cap has fallen below $1 billion. The U.S. Federal Deposit Insurance Corp has asked banks including JPMorgan Chase & Co (NYSE:JPM) and PNC Financial Services Group (NYSE:PNC) to submit final bids for First Republic Bank (NYSE:FRC) by Sunday after gauging their initial interest earlier in the week. Decision to be made over the weekend The FDIC is preparing to place First Republic under receivership imminently, after the regulator decided the regional lender's position had deteriorated and there was not time to pursue a rescue through the private sector. If the San Francisco-based lender falls into receivership, it would be the third U.S. bank to collapse since March, following the collapse of Silicon Valley Bank and Signature Bank. Wall Street Weekly Performance Updates: - DOW +0.9% ✅ - S&P 500 +0.9% ✅ - NASDAQ +1.3% ✅ - RUSSELL 2000 -1.3% 🔴 Earnings Update: At the mid-point of the Q1 2023 earnings season, S&P 500 companies are recording their best performance relative to analyst expectations since Q4 2021. Both the number of companies reporting positive EPS surprises and the magnitude of these earnings surprises are above their 10-year averages. The index is reporting higher earnings for the first quarter today relative to the end of last week and relative to the end of the quarter. However, the index is still reporting a year-over-year decline in earnings for the second straight quarter. Overall, 53% of the companies in the S&P 500 have reported actual results for Q1 2023 to date. Of these companies, 79% have reported actual EPS above estimates, which is above the 5-year average of 77% and above the 10-year average of 73%. In aggregate, companies are reporting earnings that are 6.9% above estimates, which is below the 5-year average of 8.4% but above the 10-year average of 6.4%. A bull trap coming our way in May? Economic News Update: * Personal income in the US increased by 0.3% from a month ago in March, while personal spending came in unchanged from the prior period in March versus a revised 0.1% rise in February. * Core PCE prices in the US increased by 0.3% month-over-month in March, the same pace as the previous month. The annual rate, the Fed’s preferred inflation gauge, eased to 4.6%, above market estimates of 4.5%. * Compensation costs for civilian workers rose 1.2% on quarter during the three months to January. * The Chicago PMI rose to 48.6 points in April from 43.8 in the previous month. * The University of Michigan consumer sentiment rose to 63.5 in April from 62 in the previous month. Breakout to the upside or downside? Will S&P 500 gets stuck with the double top to reverse back down or break the 420 strong resistance with the inverse head and shoulders into the bull market territory after Nasdaq 100 in May? The financial sector is affecting S&P 500 greatly in the last 1-2 months. Further financial turmoil from the banking crisis will jeopardise the stock market in the month ahead. We shall see the performance of AAPL to move the market from their earnings on May 4 and the much anticipated interest rate hike or a pause by FOMC in the coming week. Trade #1 Trade #2 Trade summary for April If you find the info useful, I'd appreciate if you could click on Like 👍, Comment 💬 & Repost 🔄 this article found at the bottom of your screen. Follow me for the latest news, trading ideas & strategies to ride the market daily with profits! 🤑 @CaptainTiger @TigerStars @MillionaireTiger @Daily_Discussion