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Market Insights

Bringing you the trading news around the world.

Positives Build Amid Debt Ceiling Wait: Market Trends This Week

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Downloads are available here.

Register for Market Trends here.

Sizing Up the S&P 500

  • S&P 500 holds middle of 4050-4187 range
  • Debt ceiling may increasingly overshadow technicals into June 1
  • Potential support at 50-day MA at 4090
  • 20 level on VIX is potential signal
  • Some analysts see risk of “liquidity drain” once Treasury can borrow again.
  • Bullish sentiment historically low, according to AAII

Key Economic News

  • Fed hints at pause:
    • 5/19: Powell sees “risk of doing too much,” waits for May data.
    • 5/24: Fed minutes see “less certain” need for hikes and “the past years’ tightening was beginning to have its intended effect.”
  • S&P PMI shows acceleration in May:
    • 54.5 vs 50 estimate, biggest increase in 13 months
    • Services lead as inventories weigh on manufacturing (potentially good for inflation)
    • Manufacturers’ input costs drop for first time in 3 years
  • April new home sales beat: 683K (annualized) vs 670K estimate

Leaders & Laggards

  • Energy tries to bounce as inventories fall, Saudis threaten
  • Software, cybersecurity outperform
  • Precious metals, housing, global stocks lag
  • China leads to the downside
  • Safe havens drop: Consumer staples, REITs

Company News

  • Nvidia (NVDA) guides 50% above consensus on AI demand
  • Palo Alto Networks (PANW) earnings, revenue beat
  • Applied Materials (AMAT) earnings, revenue beat
S&P 500, daily chart, with recent range and select indicators.

Signals Scan

  • Apple (AAPL): 21-day EMA pullback
  • Shopify (SHOP): 21-day EMA pullback
  • McDonald’s (MCD): 50-day MA pullback
  • Oracle (ORCL): 21-day EMA pullback
  • Micron Technology (MU): Breaks out, pulls back
  • Applied Materials (AMAT): Breaks out, pulls back
  • Cemex (CX): Keltner pullback
  • Mastercard (MA): Pulls back to 50-day MA, Keltner channel

Mover of the Week: Symbiotic (SYM)

  • AI-powered warehouse robots for e-commerce
  • Earnings, revenue guidance beat on 5/1
  • SYM +170% YTD

Upcoming Events

  • Tomorrow 5/25: Durable goods, PCE inflation
  • Monday 5/29: Memorial Day holiday
  • Tuesday 5/30: Consumer confidence. HP (HPQ) earnings
  • Wednesday 5/31: Salesforce.com (CRM)

Security futures are not suitable for all investors. To obtain a copy of the security futures risk disclosure statement Investment and Trading Disclosures Booklet – Futures.

Exchange Traded Funds (“ETFs”) are subject to management fees and other expenses. Before making investment decisions, investors should carefully read information found in the prospectus or summary prospectus, if available, including investment objectives, risks, charges, and expenses. Click here to find the prospectus.

Options trading is not suitable for all investors. Your TradeStation Securities’ account application to trade options will be considered and approved or disapproved based on all relevant factors, including your trading experience. See Characteristics and Risks of Standardized Options.

About the author

David Russell
David Russell is VP of Market Intelligence at TradeStation Group. Drawing on two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.

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