This week has been action packed. On Tuesday, we had market heavyweights Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT) reporting earnings. Yesterday, we had a FOMC meeting and Chair Jerome Powell’s press conference. Finally, it seems that Senate Republicans, Senate Democrats, and the White House have come to an agreement on an infrastructure package that will get more than 60 votes. Given this flurry of news, it’s only fitting that the S&P 500 (SPY) would close yesterday with a -0.02% loss. So far, this earnings season is also coming in quite strong, although some companies have issued outlooks that were below expectations. In this week’s commentary, we will preview earnings and update our market outlook. Read on below to find out more….(Please enjoy this updated version of my weekly commentary from the POWR Growth newsletter).
Market Commentary
Let’s start off by looking at an hourly chart of the S&P 500 over the past month. Clearly, the market has been putting in a strong bounce off the Monday lows and has recovered about 2/3 of its losses.