Stock Market

Week Ahead, and things need to be watch for SP:SPX by SoundsgoodTFtalks

The stock market ended this holiday-shortened session on a mixed note, but overall, things held up pretty well. The main indices showed nice resilience to selling efforts today amid below-average volume despite a decent sized loss in Apple ( NASDAQ:AAPL 148.11, -2.96, -2.0%); Earlier Friday morning, Reuters reported that iPhone production in November is projected to be curtailed by at least 30% at the Foxconn facility due to worker unrest that stems from pay disputes and COVID concerns. Last week finished with most sectors up for the day; however, the S&P 500 closed Friday down -0.03% to 4,026. The Utilities sector faired the best out of all sectors over the 5 trading days including Friday’s session gaining a total of 2.85%.
Earnings week ahead: This week will kick off on Cyber Monday and cover the final days of November, headed into the opening days of December. Amid this start of the holiday shopping season, a few earnings reports are set to be released by key grocery and discount chains, which will offer insight into the state of the consumer. Elsewhere, the pace of earnings releases will be light. However, several closely watched quarterly updates are due out from cloud, cybersecurity and semiconductor spaces.
In terms of specific names, this week will see financial figures from Pinduoduo ( NASDAQ:PDD ), CrowdStrike ( NASDAQ:CRWD ), Salesforce ( NYSE:CRM ) Kroger Co . ( NYSE:KR ) Dollar General ( NYSE:DG ), Marvell Technology ( NASDAQ:MRVL ), Intuit ( NASDAQ:INTU ) and Five Below ( MOEX:FIVE ).
Economic reports in the week ahead: Investors will come back from the holiday break in the U.S. to a heavy economic calendar that includes updates on consumer confidence on November 29, the second estimate on Q3 GDP on November 30, a report on construction spending on December 1, and the highly anticipated employment report on December 2. Economists expected 200K payroll additions in November and for the unemployment rate to hold steady at 3.7%. Hourly earnings are seen decelerating to +0.3% growth from +0.4% in October. The jobs report will be crucial in setting rate hike expectations and terminal rate forecasts just ahead of the next FOMC meeting. The general line of thinking is that if the employment report is stronger than anticipated, the market could take a dip on concerns the Federal Reserve will be more aggressive with rate hikes, while a weak print could raise hopes the interest rate cycle will be more favorable.
From the tech side of analysis, it is clear that SPX already extended from 8&21 Emas, and if there’s nothing special holding this market up, it is likely that market will do price correction recently, and 3980ish is somewhere I ‘d like to try some buys for this week.

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