BY ANDREW GIOVINAZZI
April 30, 2024
Yo Pit Crazies,
AI is propelling stocks to new heights. It was just 1 month ago that the SPDR S&P 500 Trust (Ticker: SPY) was at all time highs. Heck I even just saw that AI is saving the Amazon Rainforest. AI is the tech catalyst that keeps on giving and is a big driver in Tesla’s (Ticker: TSLA) share rally recent rally.
With inflation flying, the AI narrative got derailed somewhat. The FOMC will opine this week. That moves markets and not only that, Sec Janet Yellen will release info on how the US GOV will fund its massive deficit. That will move stocks.
SPY 30 day chart
This has happened every month for the last year.
The FOMC announcement has move SPY 10 points or more in days
The Fed brings a big hammer to the market. The Treasury too. The difference between these announcements are once the policy is known, the market can now forecast good or bad. Geopolitical stuff adds uncertainty, FOMC announcements do the opposite.
I expect SPY to move more than $7 this week. We will hit that in the Trading Desk Tuesday.
To Your Trading Success,
-AG
Andrew Giovinazzi
30-Year Trading Pro
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