Welcome back to your weekly market checkup!
I hope you had an awesome week!
ICYMI, you can see last week’s top play of the week here →
Top Pick of The Week: The Future Is Already Driving Around Miami
🤝 NOTE: This week’s top pick of the week is the last free one for everyone. This is a free release so you can see exactly what you get in Nurse in The Market before you decide to become a paid subscriber. 😃
A quick highlight from last week →
DoorDash Inc. DASH 0.00%↑ broke out of the box and popped over 12% last week! This is a beautiful breakout move! I'm watching for price to hit my first target of $190 or tag an extreme-high RSI reading for a profit taking opportunity. On any price weakness or RSI pullback, I would look to add shares.
Let’s dig into last week’s market recap and the playbook for the week ahead →
The markets were fun last week!
The Federal Reserve decided to hold interest rates steady at 3.50% to 3.75%. The U.S. and Iran announced a peace deal fully reopening the crucial Strait of Hormuz waterway.
Bonds (TLT) continued to climb higher and break through its 200-day SMA.
The Dow Jones (DIA) also climbed higher and reached a new record high! Both the Nasdaq (QQQ) and the S&P 500 (SPY) broke out and are back in play here.
Bitcoin (BTC) is in an accumulation zone with a possible breakout underway. Price already attempted its first breakout, but failed, which is typically bearish. Let’s see if price is able to hold the next breakout here.
Gold (GLD) is in an accumulation zone. I’m watching to see if price holds here or rolls over.
Oil (USO) continued sell-off even more and is trading at a near extreme-low RSI reading. The sharp drop in crude back into the mid-$70s heavily weighed on oil producers and exploration companies, driving the broad energy sector selloff
The massive drop in oil prices acted as a tailwind for growth and cyclical sectors like Technology (XLK) and Industrials (XLI).
Lower projected energy costs mitigated broader inflation concerns, facilitating a "risk-on" environment for equity investors
The Nasdaq (QQQ) was the top performing index of the Big 3, while the Dow Jones (DIA) was the worst.
