📈What Happened In Stocks in 20 Charts

This week was filled with several unexpected surprises that shook the market. The FOMC minutes released on Wednesday showed that the Fed is still worried about inflation. They remain committed to more interest rate hikes and are concerned about commercial real estate (CRE) loans outstanding. While it is clear that the Fed should be concerned about CRE and the impact on banks, there was a line in the minutes that raised eyebrows. In regard to CRE, "Several participants noted the susceptibility of some nonbank financial institutions, such as money market funds or digital asset entities, to runs or instability." The fact that they are concerned about runs on money market funds is not a normal statement, and this caused a rise in concerns. One day later, Evergrande, the second largest real estate developer in China, filed for bankruptcy. Evergrande has over 1,900 projects in 280 cities around the globe. Over 30% of China's GDP is real estate. Let's get to the charts!

SP500 ($SPY) closed below the 12 Week SMA and the RSI is Under 70

Nasdaq ($QQQ) closed below the 12 week SMA for the first time in 2023

Russell 2000 ($IWM) continues to stay in a trading range.

Semiconductor Sector ($SOXX) fails to rally over 500 and forms a doji.

Energy Sector($XLE) is at a major inflection point. (DTL)

Financial Sector ($XLF) rejected their DTL and set right on 12 week SMA

Communications Services Sector ($XLC) closed below the 12 week SMA for the first time in 2023

Bitcoin ($BTC) broke the lower channel. Note the bearish movement of the RSI.

Apple Stock ($AAPL) closes below the 22 week SMA.

Microsoft Stock ($MSFT) closes below the 22 week SMA for the first time in 2023.

Hawaiian Electric($HE) is being sued for the Maui fires for $5.5B and looking at all options.

Disney Stock ($DIS) lost 12 million subscribers last quarter and sitting at 6 year lows.

Real Estate Sector ($XLRE) is pinching.

Ross Stores($ROST) had solid earnings and is forming a cup and handle.

Tesla Stock ($TSLA) continues to roll over with 3 weeks of lower lows.

Existing and pending home sales are dropping and decoupling.

Mutual Funds and Hedge Funds have the ability to increase exposure.

Great environment for new issues to be released. We are not even back at the median line yet.

Manufacturing output of Motor vehicles and parts is at 5 year highs.

Average work week continues to drop lowering productivity

For a detailed view of what will drive the market this week. Watch the video below. Pay Close attention to what is said about NVDA as earnings are this week.

Wishing Everyone Massive Success!