To many, the past week may not have felt all that positive what with the seemingly range bound market and Jerome Powell’s Jackson Hole speech laying out more rate hikes ahead as the Fed struggles to win the battle over inflation. However, the S&P 500 eked out a win as it finished the week in the green.
Led by the usual suspects, tech, discretionary, and services, the market seems to be rebounding back from the declines we have been seeing throughout the past couple weeks. Names like Tesla (TSLA) showed some promise after holding a pretty key zone of support, as well as Nvidia (NVDA), which reported blockbuster earnings thanks to the continued hype surrounding AI.
As for the week ahead, we would want to see these same sectors push higher if the market climb is to continue. After Nvidia’s earnings the market did take a bit of a spill, however, Friday gave us some hope as we got a bit of a turn around. This should help to give us some positive momentum as we make our way into the fresh trading week ahead.
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