As the stock market strives for recovery, investors are closely eyeing the potential for a Follow-Through Day (FTD) amidst anticipation of AAPL earnings. The recent trading session showed resilience leading up to Friday’s jobs report, yet definitive trends remained elusive.
AAPL:
On April 26th, Nasdaq’s notable price surge occurred against a backdrop of lower trading volume compared to the previous session, leaving the market without a confirmed FTD.
This ambiguity may actually be advantageous. Despite a robust increase, Nasdaq experienced a downturn midweek, underscoring the importance of surpassing key technical indicators like the 50-day moving average, crucial for Nasdaq’s recovery above the 16,000 level.
QQQ:
Thursday’s market action brought the 50-day moving average within reach, fueling anticipation for potential market shifts. However, caution remains prudent as the market’s true trajectory is yet to unfold.
What to do now
Investors cautiously engaged in tentative buy trades on Thursday, mindful of the impact of forthcoming events such as AAPL earnings and Friday’s jobs report. These catalysts could either propel the market towards a confirmed FTD and exceed significant technical thresholds or reverse Thursday’s gains.
In such uncertain times, attempting to predict market movements is futile. Instead, investors should prepare for various scenarios and ensure their watchlists are updated with potential entry points.
Conversely, should the market trend towards or below April’s lows, leading stocks may face significant setbacks, necessitating a well-defined exit strategy.
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