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Sizing Up the S&P 500
- Current range: 4050 to 4187
- Kicker candlestick on Friday
- Consecutive weekly lows around 4050 suggest higher support in place
- Index holding near top of range, above 10-day MA
- Wednesday held Friday’s opening price
- Environment may resemble late 2019, with high negativity and tight squeeze against resistance.
- Potential signals from 10-day MA and RSI
- Debt ceiling solution still unclear
Key Economic News
- April CPI +4.9% y-o-y vs 5% estimate.
- Smallest increase since April 2021
- CME FedWatch expecting at least 50bp of cuts this year
- CPI now below Fed Funds rate for first time since April 2015
- Q1 senior loan officer opinion survey shows limited credit contraction
- Alphabet (GOOGL) has biggest gain since March on AI push
- Palantir (PLTR): earnings, revenue, guidance beat
- Citi, William Blair analysts skeptical of growth prospects
- Zscaler (ZS): Earnings, revenue, guidance beat. Bookings seen up 38-39%. (cybersecurity)
- Duolingo (DUOL): Earnings, revenue beat. (Online learning)
- Walt Disney (DIS): Earnings miss as streaming subscribers fall.
- Carvana (CVNA): Squeezes higher on turnaround plan
Some forgotten growth stocks have gapped to new 52-week highs:
- Shopify (SHOP)
- Draftkings (DKNG)
- Uber Technologies (UBER)
- HubSpot (HUBS)
- Salesforce.com (CRM): Ascending triangle breakout
- Philadelphia Semiconductor Index ($SOX) challenges falling trendline
- “Death cross” in 10-year Treasury yield ($TNX.X)
- Mercadolibre (MELI): Range from outside candle after strong earnings
- Procter & Gamble (PG): Post-earnings pullback to 21-day EMA
- Unilever (UL): Keltner channel pullback
Mover of the Week: Opera
- Little known Norwegian web browser with AI potential
- Earnings, revenue and guidance beat on April 27
- OPRA +138% YTD
- Tomorrow 5/12: Biden/Congressional talks on debt ceiling
- Big housing data next week
- Tuesday 5/16: Retail sales, NAHB homebuilder sentiment
- Earnings: Home Depot (HD)
- Wednesday 5/17: Housing starts/building permits
- Earnings: Target (TGT), Cisco Systems (CSCO)
- Thursday 5/18: Jobless claims
- Walmart (WMT)
Using the Platform
Modifying indicators to make talking alerts.
Standardized Performances for ETF mentioned above
|ETF||1 Year||5 Years||10 Years|
|SPDR S&P 500 ETF (SPY)||0.95%||+57.25%||+160.48%|
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