Futures are rather quiet, with the Dow Jones and oil flat. NASDAQ futures are down slightly. Bitcoin quickly dropped 5% Sunday evening as some risk came off the table there.
We have a busy week ahead.
CPI will be announced on Tuesday, PPI on Wednesday, and on Thursday we'll get the latest FOMC rate decision. Expectations are for 'no change' in policy. We will watch the dot plot closely for hints on future rates. The market expects a few cuts in 24.
In other news, $ORCL and $ADBE have earnings this week. And $M got a takeover offer, which is sending the stock higher by about 17% this morning.
Protecting gains will be a focus this week, as it's too easy just to assume everything goes up forever. There will be some downside ahead at some point, and one or two red days this week would not be a surprise.
We are watching two names with quite bullish setups emerging: $AMZN & $SNOW.
$AMZN was last week's call, and we keep watching it as one of those mentioned in a high-level consolidation. A breakout over $148 and then $150 before the end of the year is a good probability.
The charts are courtesy of my friend Andy Moss, who is a Chartered Market Technician. If you’re on X with us, give him a follow, @Andy__Moss.
$SNOW has a similar setup. It needs to get through the earnings highs up at $192. And then it can move towards 200.
And finally, $TSLA. It was virtually flat all last week. When that happens with this stock there is often an explosive move that follows. The bias is to the upside, but it could go either way. But it will have to get above $246 first. So that's something we'll be watching for.
More to come as we see how things develop.