EB Daily Market Report - Friday, January 23, 2025

Dear Members.

First, we invite you to join the EB team for a virtual "Happy Hour" this afternoon at 4:15 pm est. We'll be shooting the breeze including some final thoughts on the market as we wrap another trading week. You can use this link to join us: https://www.youtube.com/live/H8LF8I8qKCs

A pretty uneventful day today with all of the major indexes trading down slightly.

If you're long the market you should be happy with the S&P hitting another record high today. And so far we've seen mostly a positive reaction to those companies that have already reported their earnings.

Starting next week we're going to hear from the largest market cap companies in the world; AAPL, MSFT, META along with a ton of other companies that will set the tone for near term trading. And we'll be discussing this in more detail during our Q4 earnings webinar next Monday.

In looking at small cap stocks, the IWM keeps bumping up against its 50 day moving average, currently at 229.77. This is the fourth day it's tried to clear that level and if successful the next key hurdle will be right around 233, the December 18th high. 

Now that we've seen another high on the S&P, what might be next? That could largely depend on the reaction to some of the big earnings reports next week with 6200 a nice round number for the bulls to aim for. To the downside watch for 6000 to hold on any selling. In the meantime, let's see how the market closes today and Tom will be back with his Weekly Market Report on Monday.

At your service,

John Hopkins