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“The person who starts simply with the idea of getting rich won’t succeed; you must have a larger ambition.” – John D. Rockefeller
The new week is starting off on a relatively quiet note, and futures are lower, but activity will pick up quickly as the week goes on. Besides earnings season, tomorrow we’ll get data on March CPI, and then Thursday’s data slate will include updates on Retail Sales, Jobless Claims, and both the Philly and NY Fed Manufacturing surveys. Then on Friday, we’ll close out the week with the March updates on Housing Starts and Building Permits.
Read today’s Morning Lineup for a recap of all the major market news and events including an overnight recap of market news and events, updates on Japanese Machinery Tool Orders, China Credit Creation, as well as the latest US and international COVID trends including our vaccination trackers, and much more.
After a big rally to close out the day on Friday, the S&P 500 finished the week well into overbought territory. Like the overall index, just about every sector is also in overbought territory except one – Energy. While every sector was up last week, Energy finished the week down over 4% and is just a bit over 1% above its 50-day moving average (DMA). Don’t feel too bad for the sector, though. Even after last week’s decline, the Energy sector ETF is still more than 28% higher from where it started out the year.