4/26/26 Best Idea For The Week Ahead

The SPY just had its highest weekly close ever, nothing bearish about that. The issue for me now is look at the last year, historically speaking, we do not get this extended from the 8 week(dark blue) for too long so I would expect some sort of sideways/down period while this key moving averages catches up. We have megacap reports this week with 4 major ones on wednesday. Let’s see how that all goes but we don’t often stay 5% above the 8 week. Things are looking great here, I don’t know why everyone goes and gets bearish at highs, new highs are bullish, the time to worry is when markets actually break down below the 21, not up here.

This weeks best idea is a name had 6 odd trades I flagged this past week. It’s an energy services play and funny enough the OIH is at highs even with the XLE over 10% off highs.

OIH

XLE

So there is some serious relative strength in energy services and I always like to focus on what is being bought. We’re going to take a look at this name and a couple different ways to potentially play it with some conservative and aggressive trades.