Want to get a head start on your week? Check out Momentum Mondays. We highlight the market's major breakout stocks, summarize the key events of the week ahead, and help investors prepare for profitable trades.
Today we'll look at broad stock market indexes to summarize the past few weeks, then look at the economic calendar and earnings releases to address the data that will drive the markets going forward. And finally, we'll share 4 attractive technical trade setups in top Zacks Rank stocks.
Stock prices are rising even higher… time for a break?
After last week's Goldilocks payroll numbers and Jerome Powell's free answers in Congress, all that remains is the inflation statistics.
CPI and Core CPI data will be available on Tuesday morning. Analysts expect the composite CPI to increase 0.4% month-on-month and 3.1% year-on-year, while the core CPI is expected to increase 0.3% month-on-month and 3.7% year-on-year.
The Thursday Morning PPI and Core PPI then summarize the key data points for the week.
With mixed performance across the Great Seven and seasonal weakness looming, we could see some correction this week. If the S&P 500 index could fall below the 5,090 level, it could fall below 5,000 and even below.
It's also worth noting that both Bitcoin and gold hit new all-time highs last week.
Technical setup
There are still some great trading setups on the market that active traders can monitor. All of these trade ideas come from stocks with a high Zacks Rank.
Netflix NFLX Might be a worthy next addition to the Mag 7. The breakout level is $614.
ecolab ECL A very tough bull market is forming on the daily chart. If the price breaks above $226, the rally should continue.
block square One of my favorite stocks on the market right now. It's an opportunity for contrarians, but earnings corrections are trending upwards and the technical trading setup is good.
cardinal health CAH Its performance this year has been solid, giving it the advantage of being a defensive stock.
conclusion
Even the best trading setups can go wrong. Therefore, it is always important for traders to prioritize having a trading plan, following the plan, and utilizing strict risk management protocols.
Good luck to all traders this week!
5 stocks set to double
Each has been hand-picked by Zacks experts as the top stocks most likely to rise +100% or more in 2023. Previously recommended stocks jumped +143.0%, +175.9%, +498.3%, and +673.0%.
Most of the stocks featured in this report have attracted the attention of Wall Street, making it a great opportunity to get in on the ground floor.
Today, take a look at 5 potential home runs >>