I flagged this in Saturday's update without wanting to say the scary word out loud. CPI lands Wednesday, and it's going to answer the question directly.
📅 Mon Aug 10 A slow start on the calendar. A handful of smaller earnings trickle in, nothing that moves the index. Several investor conferences kick off this week, Oppenheimer’s tech and communications summit, a couple of bank and biotech gatherings, the kind of week where company presentations at conferences sometimes generate more headlines than the actual scheduled data.
📅 Tue Aug 11 Still quiet on the macro side. More conference activity. This is really the calm before Wednesday.
📅 Wed Aug 12 ⭐ Main Event July CPI at 8:30am. The Treasury also auctions $39 billion in 10-year notes, which will get watched closely given where yields sit after the past few weeks. Cisco reports after the close, the most relevant Nasdaq-adjacent earnings of the week and a decent read on enterprise tech spending.
📅 Thu Aug 13 Weekly jobless claims in the morning. Several Fed officials are scheduled to speak, and after Friday’s surprisingly weak jobs report, whatever they say about it is going to get parsed hard. CoreWeave and Super Micro report after the close, both relevant to the AI infrastructure story that’s dominated the past two months.
📅 Fri Aug 14 A lighter finish. A few smaller names report. Nothing on the calendar big enough to move the index on its own.
The exact allocation, the module status, and how much cushion is actually left heading into Alphabet, Tesla, and Intel earnings.
The Nasdaq closed last week at 26,690.62, up 5.19% for the five sessions, an exceptional week by any measure. The S&P 500 finished at 7,757.64, up 3.58%. The Dow added 2.96% to close at 54,036.93. Every major index is sitting above its rising 52-week moving average right now, which is the kind of technical confirmation that tells you the long-term trend is genuinely intact, not just bouncing.
Resistance on the Nasdaq sits around 27,190. Support is way down at 24,425, a level that would take a serious move to even threaten given where price is sitting now. The S&P has resistance just above its current level at 7,793, practically within reach if this week goes well.
None of that changes the fact that last week’s rally was built on a genuinely strange foundation. A weak jobs report drove it. That’s worth remembering going into a week where the next major data point is inflation, not employment.
This newsletter is for informational and educational purposes only and does not constitute investment advice, a recommendation, an offer, or a solicitation to buy or sell any security, or to engage in any investment strategy. Any views expressed reflect the author's personal opinions and research at the time of writing and may change without notice. All backtested performance data is simulated and does not represent actual trading results — past performance is not indicative of future results. Investing involves risk, including the possible loss of principal. Leveraged ETFs such as TQQQ are complex instruments that carry significant risk and are not suitable for all investors. The author may personally hold positions in one or more of the securities mentioned in this publication. This should be considered a potential conflict of interest. You are solely responsible for your investment decisions. Before acting on any information in this publication, you should conduct your own research and consider consulting a licensed financial professional, tax advisor, or legal advisor.
Comments
Nothing yet. Say the first thing.
Sign in to join the conversation.