Weekly Market Outlook

Last week all eyes were on NVDA and their earnings report. After they beat expectations the market was able to keep pushing higher. Now the question is what can bring this market down? It seems to be the question that everyone has had an answer for yet the market keeps shrugging them off.

I wrote a pretty bullish piece last week on the stock market and why you should expect one of, if not the greatest bull market of all time, to continue running its course. However, I am not a delusional bull there will be corrections along the way and some of them could be quite scary but the overall point was to give you the bigger picture so that you are not shaken out of this market.

After NVDA last week the market has resumed its upward trajectory and it will have a more substantial pull back at some point. I have alluded to that mid March window. I have highlighted from the 8-14th an important time period. At the moment the bulls have resumed course but are still not quite in the extreme territory that they usually get to for a correction. Our sentiment indicator saw an increase in bullishness this week to the tune of 44%. Meanwhile, the put/call ratio continues to climb back up suggesting that people are buying puts here anticipating a correction.

If we look at SPY