The Each day Breakdown appears at this week’s key occasion, together with the GDP and PCE reviews, Snowflake’s chart, and crypto’s selloff.
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Weekly Outlook
The S&P 500 (SPY ETF) and Nasdaq 100 (QQQ ETF) climbed for a 3rd straight week, notching extra file highs alongside the best way. Small caps helped lead the cost, because the Russell 2000 lastly hit new highs as nicely, with the IWM ETF gaining 2% final week — its seventh consecutive weekly achieve.
The massive query now’s whether or not bulls can hold that momentum going, or if September’s seasonal weak point will lastly begin to matter.
On the financial entrance, two reviews will take heart stage: GDP and PCE.
Thursday’s GDP launch will mark the ultimate studying for Q2. Again in July, estimates stood at 2.5%, however they’ve since been revised as much as 3.3% because the financial system has confirmed extra resilient than anticipated. Friday’s PCE report — the Fed’s most popular inflation gauge — may also be key. Whereas the Fed seems set on delivering two extra price cuts this yr, an in-line or cooler inflation studying would reassure traders that such a path stays viable.
Earnings-wise, Micron and AutoZone are set to report on Tuesday, Cintas follows on Wednesday, and each Accenture and Costco report Thursday.
Crypto Dip
In crypto, we’re seeing broad stress to begin the week, with Ethereum main the dip. That’s weighing on Bitcoin, XRP, Solana, Dogecoin, Stellar, Bitcoin Money, and others throughout the house as bulls search for a catalyst and hold an in depth eye on key technical help ranges.
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The Setup — Snowflake
Snowflake went public in September 2020 to a lot fanfare and the inventory loved fairly a little bit of success within the prior bull market. Nonetheless, it couldn’t dodge the following bear market, ultimately falling 75% from peak to trough. Now SNOW has been on a comeback, up nearly 50% up to now this yr and up simply over 100% over the previous yr.
I put some commentary on the chart above, however largely to level out the inventory’s sturdy one-day earnings rally of roughly 20% on August twenty eighth — which despatched shares to a three-year excessive.
SNOW is presently discovering help within the $215 to $220 area and simply cleared short-term downtrend resistance. From right here, bulls are hoping that shares can proceed to rally, probably climbing to the current highs close to $250 (from August twenty eighth). If Snowflake pulls again, traders are hoping help stays intact.
Choices
As of September nineteenth, the choices with the very best open curiosity for SNOW inventory — that means the contracts with the biggest open positions within the choices market — have been the October $230 calls, adopted by the $250 calls, then the $240 calls.
Bulls can make the most of calls or name spreads to take a position on additional upside, whereas bears can use places or places unfold to take a position on extra draw back. For these trying to study extra about choices, take into account visiting the eToro Academy.
What Wall Avenue’s Watching
ASML
The new streak for ASML continues, with shares rallying for a 3rd straight week and gaining 14.5%. The inventory stays in focus this week too, with shares larger by greater than 3% in pre-market buying and selling. If the inventory opens close to present ranges, ASML will hit recent one-year highs. Try the chart for ASML.
SNAP
Shares of Snap are rallying on this morning’s pre-market session amid hypothesis of a possible buyout or partnership. It’s been a tricky yr for SNAP, with shares down greater than 24% up to now in 2025. Regardless of this, analysts have a consensus worth goal of $9.27, implying roughly 13.5% upside from Friday’s shut.
ETH
Ethereum is slipping this morning, down greater than 5% as bulls scramble to seek out help. As we mentioned final week, let’s see if the $3,900 to $4,000 space can buoy ETH, as a pullback hits the crypto house.
Disclaimer:
Please word that as a consequence of market volatility, a few of the costs might have already been reached and eventualities performed out.
