Doge is trying to hold support while bulls are looking for a larger upside move. The Daily Breakdown takes a closer look.
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Weekly Outlook
Friday was a really interesting session as the Dow, S&P 500 and Nasdaq hit record highs, while Bitcoin, Ethereum and other cryptocurrencies rallied. That’s as investors gained confidence in a Fed rate cut later this month after another disappointing jobs report. But then these risk-on assets reversed their gains as investors weighed the risk of a weakening labor market.
So now we come into the week looking for some clarity on how markets will shake out and react to last week’s labor-heavy news.
What to Watch
Earnings season is about wrapped up, but a few notable names remain. They include: Oracle and GameStop on Tuesday, Chewy on Wednesday, and Kroger and Adobe on Thursday.
On the economic front, the PPI and CPI reports stand out as the most intriguing this week. While the Consumer Price Index gets much more attention, both reports will shine a brighter light on inflation.
PPI will drop on Wednesday, while the CPI will be released on Thursday.
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The Setup — DOGE
Dogecoin hasn’t garnered investors’ attention like some of the larger cryptocurrencies out there, but bulls are hoping more upside could be in the cards. That’s as DOGE continues to find support in the $0.19 to $0.21 area and is trying to clear downtrend resistance this morning:
If it can break out and gain momentum, bulls might look for a run back up toward the recent highs, which are near $0.29 from July 21st. However, if the breakout fails, it will put recent support on watch once again.
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What Wall Street’s Watching
APP
Shares of Applovin are higher by almost 10% in pre-market trading after it was announced that the stock will be added to the S&P 500 index. Shares have been on fire this year, up more than 50% as of Friday’s close. It’s also worth noting that Robinhood will enter the S&P 500 index, while MarketAxess and Caesars Entertainment will be dropped.
AVGO
Broadcom roared to record highs on Friday, up almost 10% after reporting earnings. The company beat on earnings, delivered a solid outlook for next quarter, and CEO Hock Tan said that “immediate and fairly substantial demand…really changes our thinking of what 2026 would be starting to look like.” Broadcom’s market cap is now north of $1.5 trillion. Check out the fundamentals for AVGO.
Disclaimer:
Please note that due to market volatility, some of the prices may have already been reached and scenarios played out.
