$SPY TOP 20
Added 2025-02-17 20:53:26 +0000 UTCThe $QQQ has a bullish wedge breakout and the $SPY is in an ascending triangle and finished the week testing the triangle from below.
We are still 9 days away until $NVDA reports, so this could easily consolidate under $610 for the next week
But since the majority of companies have reported now and maintained their Capex guidance, the market must feel confident that $NVDA will beat and give a strong guidance too.....which will likely explain why $NVDA has bounced from $113 to $139 over 2 weeks, if $NVDA flips $141 to support then I believe $SPY breaks out above $610 before their earnings.
Either way, we want to see the $SPY break above $610 and retest and hold support, as successful flip and there is another +5% on the table here to run to $631.....the 2.618 Fib is at $700 exactly, I am not going to start calling that as a possibility.
Economic Data out this week:
Tuesday, February 18, 2025:
National Association of Home Builders (NAHB) Housing Market Index: This index measures builder confidence in the market for newly built single-family homes. The consensus estimate is for a reading of 47, matching January's figure.
Wednesday, February 19, 2025:
Housing Starts Data: The Census Bureau will release data on new residential construction for January. Economists forecast a seasonally adjusted annual rate of 1.4 million housing starts, slightly below December's 1.5 million.
Federal Open Market Committee (FOMC) Meeting Minutes: The Federal Reserve will publish minutes from its January meeting, providing insights into the central bank's decision to maintain interest rates and potential future monetary policy actions.
Thursday, February 20, 2025:
Weekly Jobless Claims: The Department of Labor will report the number of initial unemployment claims filed during the week ending February 15, offering insights into the current state of the labor market.
Philadelphia Fed Manufacturing Index: This regional manufacturing survey provides information on manufacturing conditions in the Philadelphia area.
Friday, February 21, 2025:
Existing Home Sales: The National Association of Realtors will release data on existing home sales for January. Economists anticipate an annual rate of 4.13 million homes sold, a decrease from December's 4.23 million.
S&P Global Manufacturing and Services PMI (Purchasing Managers' Index): Preliminary readings for February will be released, providing insights into the health of the manufacturing and services sectors. Consensus estimates are for a 51.1 reading for manufacturing and 53 for services, indicating modest expansion.
