Weekly market review from UTEX – week 23

The market keeps growing no matter what! High-tech Nasdaq is especially confident: Apple (AAPL) hit historic peaks after its presentation, Microsoft, NVIDIA on the highs. 

The Dow Jones Industrial Average also looks good. Amazingly, it is just under 10% away from historical highs. Recession, inflation, high rates – nothing can stop the blue chips!

The week ahead is likely to be boring with no macroeconomic news or other triggers for volatility. But we do have ideas for trading!

Top 5 stocks of the week:

C3.ai (AI), an artificial intelligence company with a proper ticker, reported last week. The results were not very encouraging, but the stock has been buying up nicely in recent days – the hype around AI will play in their favor for a long time to come. Expect a return to local highs of $40+.

Coinbase (COIN) is among the few publicly traded crypto exchanges. Tougher regulation and the SEC's crackdown on Binance are pushing the price down. The stock is now at the strongest support on the daily interval, a breakdown to the area of $50 is possible.

GameStop (GME). The famous meme stock has a quarterly report Wednesday after the close. It was interesting last time – watch closely.

Epam Systems (EPAM). On Monday, the company reported its quarterly results, and investors were not happy with the figures – the price went down. But the market is strong now, so there may be good points to enter longs this week.

CRM (CRM) – another report from last week. The support level at $206 worked out nicely during the decline phase. If the stock goes above $215, it will open the way to the $220+ levels.

We recommend to tone it down and wait for the Fed's Meeting next Wednesday. Have a good trading week everyone!