The market rallied after Fed policy statement last Wed, but spent most time consolidating on Thurs and Fri. All 3 major indices have cleared the 50 MA and the SPX has also cleared the 62% Fib retracement (from swing high in Feb to swing low in early Mar). However, the DOW and Nasdaq are consolidating right below their 62% Fib retracement. Will this bull run have another leg higher after pausing or the bears will come back if DOW and Nasdaq can't clear the 62% Fib hurdle?
Here's the notable economic news and earnings release for the week ahead:
Mon: New Home Sales Notable earnings: TIF
Tue:Consumer Confidence Notable earnings: GME, LEN
Wed: Durable Orders Notable earnings: PAYX
Thurs: GDP Notable earnings: KMX, COGN Fri: Personal Income & Spending Notable earnings: GPN