Well THAT was the most interesting week in the stock market I think I've ever seen with hedge funds being upended by an internet forum lol. Besides that, we finally got that sell off that broke the rising channel that we have been grinding higher within. The next question becomes, where do we pull back to? I'm in the camp that we're in a macro bull market so I think this pullback should be contained to ~5% down move but I'll be mapping out support levels in looking for the turnaround.
Because we sold off on Friday, I would anticipate the beginning of this week to be slower, with things picking up once the market pivots. Futures are falling with Sunday night futures so it appears we'll walk into a Monday gap down following a Friday sell off ---- patience. This pullback is a blessing in disguise as a nice little reset. It will clue us in to the market leaders of tomorrow, just need some patience.
News-wise look out for the next round of stimulus to pass. Looking at the numbers surrounding Coronavirus, it looks like hospitalizations and deaths have peaked and we're on the way down, which is tremendous news. We should see more and more states lessen reopening restrictions in the coming weeks.
We have another massive week of earnings on tap. There's over 1000 companies reporting earnings with names like AMZN, GOOGL, PINS, SNAP, CMG, PFE, PYPL, SPOT and many more leading the charge.
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