"Crucial Week Ahead: SP500, Growth Stocks, and Mega Earnings Await

Happy Sunday Pound Nation!

Let’s take a look at the week ahead of October 23rd, 2023!

WEEK AHEAD:

SP500: The SPY had a wild ride last week, dipping its toes below the 200-day dance floor, all thanks to the 10Y due to a lot of the global conflict and craziness in the Middle East. We ended the week near the 4200 zone, and let me tell you, this coming week is VERY important. With GDP and PCE numbers dropping, and the 10Y nearing its 5% diva moment, the market might get even crazier —- Not to mention earnings from Meta, Microsoft, Amazon and others (below) which can drive SPY. Some are wondering if this is just a market hiccup before a holiday bash, or if the downturn's here to stay. Bulls, keep your eyes on that 4200 prize! But if we dip below, we might slide to 4165. To shake off this mood, we gotta leap over 4270 soon. Stay tuned for more stock-market rollercoaster fun!

Growth Stocks | IWM:

GROWTH Whew, what a week! IWM took a wild ride, and those pesky 20d caps just won't let the rallies breathe. With the 10Y acting all dramatic, our banks and debt-heavy small-caps were feeling the heat. We're hovering near those 52-week lows, and last week's charts looked like they had one too many spicy tacos – a real mess!

Here's the gist: 10Y’s parabolic antics are making life tough for IWM. When 10Y started its wild rise, IWM hit a ceiling. The connection between yields and IWM, which played hide-and-seek earlier this year, is now in full display. Bottom line? This week's data and the moves of the 10Y will likely dictate IWM's next dance steps. And hey, remember those banks that had a mini-meltdown on Friday? If one sneezes, the rest might catch a cold, which could be more trouble for IWM. Hopeful twist? For a rally, we've gotta shatter that 20d glass ceiling. Until then, hang on tight!

Earnings for Next Week:

Must Watch: Amazon | Meta | Microsoft

Keep an Eye on: Spotify | Snapchat | Service Now | Chipotle | Dexcom

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