Market outlook week of 4/24

Recap: Indicies got rejected at the key resistance levels as expected and outlined in last weeks analysis. Growth concerns amid rising inflation sent bonds lower and yields rising. Fed Powell's comments on possibility of 50 basis points increase in rates in next meeting accelerated the risk-off moods across all asset classes.

Indicies fell for 2nd week in a row. For the week Nasdaq fell the most as growth stocks fell the most.

SPX: -2.75%

COMP: -3.83%

Dow: -1.86%

IWM: -3.16%

Almost all sectors finished red during the week.

Basic Materials: -5.82%

Healthcare: -4.86%

Financial Services: -2.03%

Energy: -4.52%

Technology: -4.66%

Industrials: -1.55%

Consumer Cyclical: 3.95%

Communication Services: -3.28%

Consumer Defensive: -.33%

Real Estate: +.18%

Utilities: -2.02%

SPX (Monthly): Prices still within prior month range. But completing a probably abc move to downside. Could take out prior months range lows.

SPX (Weekly): Outside weekly bar bearish continuation. Price closed at the weeks low. Feb lows could be tested. Testing trendline and could see a bounce but would eventually retest Feb lows.