$SPY TOP 20

Big week ahead for economic data, JOLTS, CPI and PPI.....$NVDA are holding AI day and $TSLA has their 10/10 FSD event.

$SPY is already above its previous ATH level so the market is showing bullish signals and I believe it will continue higher to $589 until the Mega Caps start reporting their earnings

This will then be pivotal, if they report strong earnings then we could see the melt up scenario start to play out, if they give weak guidance, then the market may not go any higher than $600 for the rest of the year.

The earnings reports in August coincided with weak a Japanese event and the market tanked, we will see if there is any alignments this season too

However, this season it does appear to be aligned with QE measures coming out of China.....ironically, this could help equities on both sides of the Pacific Ocean.

We will report if and when we see any rejections in Wave 5, like I said earlier in the group, there is no need to make any adjustments to our holdings right now leading into earnings season, we are well positioned.

Monday, October 7th:

• Consumer Credit Change (Aug): This release provides insights into consumer borrowing behavior and can indicate trends in spending and confidence.

Tuesday, October 8th:

• NFIB Small Business Optimism Index (Sep): This index measures the sentiment of small business owners and can be a leading indicator of economic activity.  

• IBD/TIPP Economic Optimism Index (Oct): Another gauge of consumer confidence and economic outlook.

Wednesday, October 9th:

• JOLTs Job Openings (Aug): This report provides data on job vacancies and can indicate labor market tightness.

• Wholesale Inventories (Aug): Provides information on inventory levels in the wholesale sector, which can affect future production and economic activity.  

• 10-Year Note Auction: The US Treasury will auction 10-year Treasury notes, which can influence interest rates.

Thursday, October 10th:

• Producer Price Index (PPI) (Sep): Measures inflation at the wholesale level, providing insights into potential future consumer price increases.  

• Initial Jobless Claims: Weekly data on the number of people filing for unemployment benefits, a key indicator of labor market health.  

• 30-Year Bond Auction: The US Treasury will auction 30-year Treasury bonds, which can also impact interest rates.

Friday, October 11th:

• Consumer Price Index (CPI) (Sep): A crucial measure of inflation at the consumer level, closely watched by the Federal Reserve and markets.  

• University of Michigan Consumer Sentiment (Oct, preliminary): Provides a snapshot of consumer confidence and spending intentions.

Important:

• "High Impact" events: Pay close attention to the CPI release on Friday, as it is likely to be a "high impact" event with the potential to cause significant market volatility.

• Forward-looking vs. backward-looking data: Keep in mind that some data, like the CPI and PPI, are backward-looking, while others, like consumer confidence surveys, are more forward-looking.