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Market Trends | Stocks
What’s Performing as Megacaps Lag?
David Russell
May 8, 2025

Downloads are available here. TradeStation’s ideas on TradingView are available here.

Check out our next “State of the Market,” on Monday, 5/12.

Sizing Up the Market

  • S&P 500 consolidates in April 2 range of 5571-5695
  • Price remains above 10-, 50-day moving average
  • Formed bullish outside candle after 2-day pullback
  • Intermarket:
    • U.S. dollar index holds July 2023 low

S&P 500, daily chart, with select patterns and moving averages.

Finding Leaders as Megacaps Lag

  • 222 S&P 500 members are positive in 2025
  • 127 index members have made 52-week highs since the benchmark made a new high 55 bars ago
    • BRK.B is the only trillion-dollar company to do so
    • NFLX is the main large growth stock
  • Tools to consider in our zip file:
    • MA Above / Below: Last price vs a given MA.
      • Change from MA length: Right click column header → Studies → Edit ‘MA Above / Below’ for all symbols → Input tab
    • MovAvg Order: Alignment of 2 given MAs
      • To change: Edit study → Inputs: FastAvgLen, SlowAvgLen
    • Days Since 52wk HL
    • Distance from 52 Week High
  • In Scanner: Price → % of 52 Wk high/low

News & Views

  • Fed juggles dual-mandate risks amid stagflation. Powell avoids disruption, shuns preemptive easing
  • Bessent, Greer to meet Chinese officials May 10-11
    • Trump: Won’t cut 145% tariffs to open talks
  • Bloomberg: Trump to revise Biden-era chip export limits
  • Healthcare hammered by Prasad appointment, tariffs on medical devices
  • GOOGL falls on lower Safari searches, potential AAPL AI development.
  • Paul McCulley: Fed will shift to cutting as economy slows
  • China PBoC dovish: lowers overnight rate and required reserve ratio (RRR)
  • Reuters: F to raise some car prices by $2,000 because of tariffs
  • Cox Automotive: Used car prices jump amid tariff worries

Upcoming Events

  • Earnings tonight: COIN MNST TTD LYFT EXPE MCHP DKNG
  • Fri 5/9: Multiple Fed speakers
  • Mon 5/12:
  • Tue 5/13: *CPI*
  • Wed 5/14: Crude oil inventories
    • Earnings: CSCO
  • Thu 5/15: Retail sales, PPI, jobless claims
    • Earnings: WMT, BABA
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About the author

David Russell
David Russell is Global Head of Market Strategy at TradeStation. Drawing on more than 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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