The Weekend Rip: What Happens After An Inside Week?

/ Stocktwits

Tale of the Tape

Good evening, everyone. We’ve got a short week on Wall Street. The markets will be closed on Monday as we remember Martin Luther King, Jr. 🙏

The market didn’t move much last week. The S&P 500 traded within its previous week’s range and Russell 2000 was the only major index to close in positive territory.

The crypto craze continues as both Bitcoin and Ethereum also had an inside week. See the charts below. 

Last Friday JPMorgan, Citigroup, and Wells Fargo kicked off earnings season. Goldman Sachs and Bank of America will report earnings early Tuesday morning. Netflix will share its numbers Tuesday after the close. See the calendar below. 

Here’s the weekly S&P 500 chart:

And last week’s changes: 

S&P 5003,768-1.48%
Nasdaq12,998-1.54%
Russell 20002,123+1.51%
Dow Jones30,814-0.91%

Inside Week

An inside week refers to a candlestick pattern where a security maintained its previous week’s high-low range. What happens after an inside week is anyone’s guess. 🤷‍♂️ A consolidation of prices could lead to a break in either direction. 📈📉

As mentioned above, the S&P 500 closed an inside week along with the Nasdaq 100 ETF $QQQ. Crypto, although crazy, also maintained its previous week’s range. 

Here are the weekly charts and YTD performance: 

S&P 500 △ 0.32% 

Nasdaq 100 ETF $QQQ ▼ 0.60%

Bitcoin △ 26%

Ethereum △ 70%

Where to next? Place your bets… 

DRAW THE LINE!!

Saudi Arabia released plans for its next ambitious idea, THE LINE. 

THE LINE is a 170km-long linear urban development of “hyper-connect future communities.” The revolution in urban living will be free of cars and roads and built around nature. 🌳 The project will be designed so everything you need is within walking distance. 

Mohammed bin Salman, Crown Prince and Chairman of the NEOM Company Board of Directors shared:

Throughout history, cities were built to protect their citizens. After the Industrial Revolution, cities prioritized machines, cars and factories over people. In cities that are viewed as the world’s most advanced, people spend years of their lives commuting. By 2050, commute durations will double. By 2050, one billion people will have to relocate due to rising CO2 emissions and sea levels. 90% of people breathe polluted air. Why should we sacrifice nature for the sake of development? Why should seven million people die every year because of pollution? Why should we lose one million people every year due to traffic accidents? And why should we accept wasting years of our lives commuting?

Construction will commence in Q1 of 2021. The potential of the project sounds great but we’ll wait and see if the country can come through.

Here’s NEOM with more.

Sunday Links:

🦦 Sunday Reads: A Confluence of Influence

🥩 What To Eat

💀 The Black Keys: A Big Record Deal Can Destroy You

🍿 Sunday Sentiment…

❤️ Bills Mafia Has Been Making Countless Donations To Ravens Players’ Charitable Causes

🏚 Real Estate: The American Nightmare

💉 Covid-19 Vaccines Are Getting Stuck at the Last Step

🏀 James Harden makes NBA history in dazzling Nets debut, showcases immediate chemistry with Kevin Durant

The Week Ahead

And now a brief and well-organized look ahead at the trading week beginning Tuesday, January 19th, 2021:

Economic Calendar:

  • 1/21 Jobless Claims (8:30 AM ET)
  • 1/21 December Housing Starts (8:30 AM ET)
  • 1/21 December Building Permits (8:30 AM ET)
  • 1/22 December Existing Home Sales (10:00 AM ET)

Here’s the full Economic Calendar provided by Briefing. 

Earnings Calendar:

Be sure to know when your stocks are reporting. Here’s the earnings calendar: