After a wild week in the market, let’s break down the many changes we’ve seen in this Weekly Update with Brett Witkowski. We’ve now completed the full calendar of key dates over the past month: Options Expiry, Reciprocal Tariff Day, Chinese Reciprocal Tariff Day, and Tax Day. With those behind us, we can shift focus to what lies ahead.

Looking at the market, we’re currently trading below the 200-Day Moving Average. Over the next period, we’ll be watching both the positives and negatives that could shape direction.

On the positive side, trade deals continue to move forward and be announced. Company earnings have been strong so far, with surprisingly solid forward guidance. CPI and PPI have come in ice cold, which raises the possibility of Fed action. Despite all the uncertainty, businesses continue to show strong adaptability in navigating these conditions.

On the negative side, ninety days isn’t much time to craft a comprehensive economic policy, and that invites more uncertainty. The administration’s actions may appear arbitrary to outside observers, and Chinese reprisals could directly impact large businesses. If we see a tariff-driven inflation shock, the Fed may be forced to stay on the sidelines.

So, what does it all mean? With Tax Day behind us, the news calendar is relatively clear. Markets are off their lows, but there’s been significant damage. The trade war presents both challenges and opportunities, and ultimately, earnings and forward guidance will likely determine where the market heads next.